Phase 1 of Tehran-Shomal to end in 3 and a half years |
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TEHRAN - Phase 1 of Tehran-Shomal (North) Highway is to be operational by the end of Ahmadinejad Administration. Marred by recent financial and contractual dead ends, the cabinet set the way on how to go about this venture, deputy minister of Roads and Transportation Sadeq Afshar said here Monday.
According to official notification by the Vice-President, communicated to the Management and Planning Organization (MPO), the Mostazafan Foundation and Tejarat Bank would be working jointly to open the L/C for Chinese $220m financing. The letter of credit is to be established by yearend and the construction business will kick off in December 2006.
The foreign contractor would assume the building of 32 km from Tehran to Duab township while the domestic companies have already started the 20 km being extended to Chalus.
© Tehran Times 2006
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