Iran and Russia have signed a memorandum of understanding to set up a joint company to fund the proposed Qazvin-Rasht-Astara railway project.
The 350km railway, a joint project of Iran, Russia and Azerbaijan, is set to run across Azerbaijan towards the Iranian transportation junction of Qazvin.
At the same meeting, joint production, technology transfer and visa insurance cost were also discussed.
The railway is part of the western route of the North-South International Transportation Corridor.
The project's feasibility study has already been approved by Russian Railways and Iranian Railways as well as Azeri Railways in March 2009.