TEHRAN, June 13 (MNA) -- Following complicated back and forth negotiations, the contract to finance construction of Tehran-Shomal Freeway by the Chinese came to an end and was signed under the provisions that offer the guarantee by the Central Bank of Iran (CBI), Ministry of Finance and Economic Affairs, and Management and Planning Organization.

According to Mehr News Agency, the Chinese have started equipping a workshop in a building as the center of their operation, and in the next few days, the activities will be resumed officially.   

 

The report also indicates that the volume of investment is about $285m and capital return will be realized within 5 years. The credit required for the completion of the project is estimated at 1,000 billion Rials, half of which is secured by the government financing and the rest is divided between the Chinese and the Bonyad Corp. of Iran.

              

The freeway is expected to come to completion by 2009-2010 period and the initial phase would be fully constructed in the next three months. However, at the moment for this year, the fiscal budget has only allocated Rls.75m to this end.

 

Furthermore, the transportation department has suggested a Rls.50,000 toll charges per every vehicle driving through the freeway, and this amount will be spent on the future maintenances of this road, the report added. 

 

ML/MA

END

MNA

News Code 11641

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