The MOU was signed by the Iranian Transport and Urban Development Minister Mohammad Eslami and the Deputy Prime Minister of the Republic of Azerbaijan Shahin Mostafayev in Baku on Wednesday.

Based on the mentioned MOU, the two sides will jointly fund the 4.7-million-euro project which is expected to be completed within 12 months.

Speaking to the press following the signing ceremony, Eslami said: “Increasing the volume of trade, transportation, and transit between the two countries requires expanding the capacity of transportation terminals.”

Mustafayev for his part underlined the significance of the mentioned bridge for the trade between the two countries and said: “The construction of this bridge will facilitate the transportation of Iran products to Azerbaijan and also to Russia and other countries and expand transit transportation in the region.”

The official noted that Azerbaijan, Iran and Russia attach great importance to the development of the North-South international transport corridor and are taking significant measures to develop this corridor.

He expressed confidence that the implementation of such projects would help reduce the truck traffic at border terminals and will accelerate the exchange of goods between the two countries.

Heading a delegation, Eslami had arrived in Baku on Tuesday for meeting with the officials of the Republic of Azerbaijan and Nakhchivan Autonomous Republic.

Eslami held talks with the Chairman of the Supreme Assembly of Nakhchivan Vasif Talibov on Tuesday to explore avenues for expansion of economic and transport ties.

The Iranian minister, along with Shahin Mustafayev, also visited Jolfa terminal on border with Azerbaijan and several other industrial areas in the mentioned country.

During the visit Eslami stated that Iran and Azerbaijan have numerous opportunities and great potential for playing an effective role in the Black Sea and Persian Gulf corridors, saying: “Both Iran and Azerbaijan are eager for realizing these capacities.”

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