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Euros 3 billion invested in Iran by Russia

Euros 3 billion invested in Iran by Russia
ID : N-866 Date : 2017/12/18 - 22:16

(Persia Digest) – Two agreements have been signed between Iranian Railways, the Russian Export Center, and the Export Insurance Agency of Russia (EXIAR), according to which the Russians will invest 3 billion euros over five years for the joint production of cars, locomotives, and the equipment needed for Iran’s rail transport network.

The Minister of Roads and Transport in Iran said at the signing ceremony: “In the 6th Development Plan, we need USD 28BN for investment in our rail network and its infrastructure. These two agreements signed here today provide the equivalent of USD 5BN for the project.”

Abbas Akhundi added: “The L/C for the electrification of the Tehran-Mashhad line was opened on Thursday 14 December 2017. This project will be completed within the next four years.”

He continued: “The second agreement worth 3 billion euros is for the joint production of cars and locomotives by Iran and Russia for 20 thousand freight cars.”

Akhundi went on to say: “Based on this agreement, 1000 passenger cars will be manufactured inside Iran and 350 locomotives will be manufactured jointly between the two countries.”

He said: “Presently, 28 thousand freight cars are manufactured in Iran. This agreement will see the manufacture of a further 20 thousand cars and a 70% growth in this sector. Iran also has 2200 passenger cars. With the manufacture of a further 1000 cars based on this agreement, we will also witness a 50% rise in passenger car manufacture.”

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