A Russian bank has reportedly agreed to provide 1 billion euros to electrify the 500-km rail line between the cities of Garmsar and Gorgan.
Yusef Gheranpasha, of Islamic Republic of Iran Railways, said the project will be completed within three years; he did not name the bank.
It covers design, sourcing of materials and equipment and construction of 32 stations and 95 tunnels, 7 traction substations, 11 section pillars, 6 duty posts of the contact station and the power supply administration building.
According to PressTV, the loan is related to a 1.2-billion-euro deal that Russia and Iran signed to electrify the Garmsar to Inche Burun line.
The line extends into Turkmenistan and Kazakhstan, linking Central Asia to the Persian Gulf and beyond.