YEREVAN. – The Iranian side is ready to fund their section of railway heading to Armenia, Energy Minister Armen Movsisyan said.

“Iran has already allocated $1.5 million to conduct technical and economic feasibility study. The study is over and will be made public soon. As a result of negotiations, we agreed that Iranian side will construct their section of 160 kilometers at their expense. If we find investments to construct our part, they will start theirs,” Movsisyan noted.

Earlier representative of Transport Ministry Ashot Shahnazaryan told Armenian News-NEWS.am that the construction will cost around $3.5 billion. The construction is expected to start in the first quarter of 2015 and will last six years.