China and Iran build alliance for railway projectby CW Staff on Oct 20, 2013
China is to provide financial backing for a subway project that is designed to eventually link Iran’s largest and most important airport to the country’s capital Tehran, according to the Iranian Roads and Urban Development Minister.
Speaking on the sidelines of his visit to Imam Khomeini Airport (IKA) development project, Abbas Akhoundi told Iran Daily that China will fund the project with Iranian oil revenues frozen in China, with financial issues surrounding the project to be resolved and organised next month.
Iran is under international sanctions, which include the freezing of export oil revenues, for failing to comply with the International Atomic Energy Agency’s (IAEA) inspection programme of its nuclear facilities.
The Chinese funding is expected to see the Imam Khomeini Airport (IKA), about 30 kilometres southwest of Tehran, connected to the Iran’s new Parand City by the railway project, which is then expected to be extended to Tehran in a late phase of the project.
Akhoundi added that a township as well as free and trade zones will also be established at the airport by the end of the fifth Five-Year Economic Development Plan in 2015.
He said the project will be implemented with the participation of Tehran Urban and Suburban Railroad Company and the Islamic Republic of Iran Railways, putting the length of the subway at 52 kilometres.
Stressing that IKA’s Terminal 2 should be completed as soon as possible, Akhoundi said this terminal has a capacity of transferring 20 million passengers per year, which is 3.5 times bigger than the airport's first terminal.
- Qatar project opportunities worth $70bn
- Qatar ranked second best infrastructure market
- Officials say projects will ease Qatar traffic
- Contractors seek leniency for delayed projects
- Ashghal to launch 80 new projects in Qatar
- Ashghal to complete major new roads in three years
- Qatar tender postponement not an issue
- China and Iran build alliance for railway project
- Sharjah completes $7m work on council buildings
- NWC's Jeddah reservoir project to cost $586.6m