CHAIRMAN of Tehran Urban & Suburban Railway Co Mohsen Hashemi signed an agreement covering the financing of Tehran Metro Line 3 with the Bank of Industry & Mines on July 25.

The bank will provide US$100m to permit work to begin this year on the 7 km first phase of Line 3, for completion in 2009.

A five-phase construction plan has been adopted for the line, which will have a total length of 36 km when it is completed in 2014. The route runs from Islamshahr in the southwest, through the city to Lashgarak in the northeast (MR06 p41). There will be 23 stations on the 24 km underground section of the route, and seven stations on the 12 km above ground.

The City of Tehran will repay 50% of the €770m cost of the project, with the remaining half to come from central government.