Iran and Russia will invest about $38 billion in the development of the North-South Transport Corridor (INSTC).

Iran, Russia to invest $38 billion in developing INSTC

Iran and Russia will invest about $38 billion in the development of the International North-South Transport Corridor (INSTC).

According to Tasnim news agency, the governor general of Russia’s Astrakhan, Iran’s ambassador to Russia, manager of Afghanistan Railway Company, CEO of Iraq Railway Company and president of the INSTC delivered separate speeches in the inaugural ceremony of an international conference entitled “INSTC- New Concept”, which was held in Astrakhan Port of Russia.

Speaking in a specialized meeting of this conference, the CEO of Solyanka Port in Russia said that the INSTC is a key element of the transportation network in Eurasia.

He pointed to the three western, eastern and maritime or trans-Caspian routes and noted that Iran and Russia have considered investing about $38 billion for the development of the corridor, 35 and 34 percent share of which will belong to Russia and Iran respectively.

He further highlighted the measures taken by the Islamic Republic of Iran Shipping Line to develop the INSTC route, including purchasing 30 rail wagons, 5,400 containers, and buying and ordering the construction of 21 equipped vessels for strengthening the maritime routes.

The investment of the IRISL Group at Russia’s Solyanka Port to increase the capacity of the port and its infrastructure is among the most important measures taken by the group, he added