KfW said to agree on $1.27b Iran rail loan
Germany agreed to provide Iran with a 1.2-billion-euro ($1.27 billion) credit line to help finance a rail project , according to an official at the Central Bank of Iran. The facility — through state-run lender KfW IPEX— will help fund the development of the Teheran to Mashhad railway, the official said, asking not to be identified. German banks have also agreed to help fund power stations in the country, he said. Iran has struggled to raise foreign financing for tens of billions of dollars worth of infrastructure projects which it hoped could get started after sanctions were eased 10 months ago. Large European banks have mostly kept their distance, worried that they could fall afoul of remaining US sanctions.