Siemens to finance Iranian projects

German Siemens group will finance $3.5 billion in Iranian rail and power plant projects, Press TV reported on Tuesday. “On a trip to Germany, we had discussions about Siemens’ participation in Iran’s railway and power plant projects,” Deputy Minister of Road and Urban Development for International Affairs, Asghar Fakhriyeh-Kashan, was quoted as saying. In the rail sector, Iran is going to buy wagons from Siemens, to use on a high-speed line between the capital Teheran and the central cities of Qom and Isfahan, Fakhriyeh-Kashan said. Siemens will also provide signaling equipment and install communication signs, he added. In addition, Siemens plans to enter into a joint venture with Iran’s MAPNA Group, both in the power plant and locomotive manufacturing sector, in order to boost domestic production, he said.