News ID: 234551
Published: 0318 GMT November 20, 2018

Russia to open €3b credit line for INSTC: Iranian minister

Russia to open €3b credit line for INSTC: Iranian minister

Russia decided to open a €3-billion credit line to finance the International North–South Transport Corridor (INSTC) which connects India to Russia via Iran, announced Iran's roads and urban development minister.

Mohammad Eslami told reporters before leaving for Moscow on Tuesday that he will discuss Tehran-Moscow cooperation in the railroad industry within the framework of the INSTC, according to Tasnim News Agency.

India, Russia and Iran will hold a trilateral meeting on the INSTC on November 23 to make the 7,200-km-long ship, road, and rail route operational soon, an official statement announced last month.

India's Union Commerce and Industry Minister Suresh Prabhu said that the corridor is an important initiative taken by India, Russia and Iran to promote transport cooperation and to enhance connectivity with Central Asian states.

"The INSTC is the shortest multimodal transportation route linking the Indian Ocean and Persian Gulf via Iran to Russia and North Europe," the Ministry of Commerce and Industry said in the statement.

"The estimated capacity of the corridor is 20 to 30 million tons of goods per year and will reduce time and cost by 30 percent to 40 percent," it added.

Russia has invested $1.2 billion in India between 2000-17 in oil and gas, defense equipment supplies, power and energy and large-scale infrastructure projects.

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