TEHRAN- Azerbaijan suggests allocation of $500 million to finance the Rasht-Astara railway project in Iran, said Managing Director at Iran's Construction & Development of Transportation Infrastructures Company Ali Noorzad, ISNA reported on Friday.

“By completion of this railway, cargos from Azerbaijan, Caucus, and Russia would be transported to various parts of the world through the Islamic Republic,” Noorzad, who is also the deputy road minister, added, underscoring the neighboring countries tendency to make investments in this project.

The construction of Rasht-Astara railway was discussed during a Thursday meeting between the visiting Azerbaijan's Economy Minister Shahin Mustafayev and Iran's Minister of Communications and Information Technology Mahmoud Vaezi.

During the meeting, the ministers emphasized the importance of cooperation in the sphere of transportation for expanding the relations between Iran and Azerbaijan.

They also reviewed the process of construction of the Qazvin-Rasht railway line and preparations for the construction of the Rasht-Astara railway.

HJ/MA