A deal has been signed between Iran’s government and the Italian highway agency, ANAS, to manage and construct a EUR 3.6 billion ($ 4 billion) road project over a 1,200 kilometer length, Reuters reported, quoting ANAS.
The road project is due to link the Gulf port of Bandar Imam Khomeini to Bazargah on Iran’s border with Turkey.
The first phase will cover 360 kilometers with a cost of EUR 600 million ($ 660.4 million), to be completed by 2022, ANAS noted.
Following the alleviation of sanctions on Iran, Italy undertook steps to secure deals with the Islamic nation. Similarly, Iranian President Hassan Rouhani sought equal opportunities with Europe, starting with Italy in January.
The deal signed with Iran’s Ministry of Roads followed a memorandum of understanding that was signed in February.
Rouhani is currently seeking more reformative projects that include several sectors in the country, now that limited sanctions have been lifted.