Iran’s railroad sector attracts huge investment

TEHRAN, Apr. 21 (MNA) – The Iranian private sector on Sunday concluded two agreements with the administration on a significant investment in the country’s railroad infrastructures and transportation.

News ID: 2001132

EghtesadOnline: The two memoranda of understanding were signed at a ceremony in Tehran, attended by Minister of Roads and Urban Development Farzaneh Sadegh, as reported by Tasnim News Agency.

According to the two MoUs, the private sector has undertaken to supply more than 2,000 passenger railroad cars and cargo wagons with an investment of over 640,000 billion rials.

A private holding has agreed to invest 30,000 billion rials in the purchase and production of 650 various freight wagons for carrying crops.

The deputy chairman of the Islamic Republic of Iran Railways announced in the ceremony that long-term plans have been devised to increase the volume of railroad freight to 40 million tons.

He also noted that arrangements have been made to attract an investment of $6.4 billion in the railroad industry, 77% of which will be allocated to the fleet and 23% to infrastructure.