Kheirollah Khademi noted that the construction operation of the railway, about 10km from Rasht and also 12km from Astara, started a few years ago.
The deputy roads minister added that the company was provided with the financial resources to purchase land areas and the Russian side has presented the proposed price during the past weeks.
Under the agreement inked between Iran and Russia, it was agreed that a state-owned loan would be granted to Iran by Russia in line with constructing this giant railway project. Khademi added.
He put the amount of this loan at €1.6 billion and pointed out that expert-level talks are underway between the two sides to reach a final agreement.
The 162-km-long railway is a crucial element of the International North-South Transport Corridor (INSTC). The corridor integrates road, rail, and sea transportation, facilitating the movement of goods between Russia and India via Iran.
Earlier, Khademi had said that 70 percent of the technical issues regarding the construction of the Rasht-Astara railway project had been discussed and finalized with Russia, and the rest would also be finalized soon.
Iran and Russia inked an agreement on May 17, 2023, on the long-stalled construction of a railway connecting the northern Iranian cities of Rasht and Astara.