Hungarian Minister of Foreign Affairs and Trade Péter Szijjártó and Azerbaijan’s Economy Minister Shahin Mustafayev have signed in Baku an economic cooperation agreement which also includes the development of infrastructure along the 162 km missing section of North-South railway corridor, connecting Northern Europe with the Persian Gulf, in the vicinity of the Iran-Azerbaijan border. The cost of the project is estimated at approximately EUR 500 million.
“The Azerbaijani Government is open to allowing Hungarian enterprises to take part in the construction of this section of railway line if Hungary is prepared to financially contribute to the project”, Mr. Szijjártó said.
Eximbank has already begun negotiations on financing the railway line and on the inclusion of Hungarian enterprises. When the construction of the new line is completed it will make possible the transport of goods by rail directly from the Finnish capital Helsinki to the Persian Gulf.