S. Korea, Ger­many to Fi­nance Devel­op­ment of Iran Elec­tric Trains

Iran News - - DOMESTIC -

TEHRAN - Iran’s Deputy Min­is­ter of Roads and Ur­ban Devel­op­ment says South Korea and Ger­many will pro­vide funds for the devel­op­ment of elec­tric trains in the Is­lamic Repub­lic.

As­ghar Fakhrieh-Kashan de­clared that South Korea will pro­vide fund­ing to con­struct a dou­ble-track rail­way be­tween Ira­nian cities of Is­fa­han in the cen­tre and Ah­waz in the south.

Seven elec­tric lo­co­mo­tives will also be pur­chased for Tehran-Is­fa­han route us­ing the funds pro­vided by Ger­many, he added.

IMNA quoted him in a re­port that there was no limit for any of the ministries and de­part­ments to use the $55 bil­lion fi­nances ap­proved in the bud­get.

“Up to now, over $30 bil­lion worth of these funds have been al­lo­cated, and the Min­istry of Roads and Ur­ban Devel­op­ment has pro­posed projects to spend $10 bil­lion to $12 bil­lion of the fi­nances,” added the deputy min­is­ter.

He went on to say the min­istry has un­der­taken projects to get $5 bil­lion worth of for­eign loan for their im­ple­men­ta­tion. So, we are in the fi­nal stages of sign­ing a con­tract with Rus­sians to re­ceive a 1.2 bil­lion eu­ros fund­ing to run elec­tric trains in Garm­sar-Inche Boroun rail­way. (Garm­sar is a small city in the south­east of Tehran and Incheboroun is a bor­der city in the north­east).

“Of course, part of this $5 bil­lion re­source will also be al­lo­cated to the Min­istry of En­ergy projects,” he noted.

This Ira­nian of­fi­cials fur­ther men­tioned that ne­go­ti­a­tions on a $500 mil­lion loan from Azer­bai­jan Repub­lic to fi­nance the con­struc­tion of Rasht-As­tara rail­way in north­ern are un­der­way.

Fakhrieh-Kashan stated that Iran’s Cen­tral Bank has con­cluded talks with Exim Bank of China to com­plete Tehran-Mash­had rail­way pro­ject, say­ing that the same pat­tern of ne­go­ti­a­tions and sign­ing con­tracts would be fol­lowed in other projects as well.

“At the mo­ment, we are fi­nal­iz­ing a €3 bil­lion fi­nanc­ing con­tract with a spe­cific Ger­man com­pany for a spe­cific pro­ject, of which €1.7 bil­lion would be al­lo­cated to the Min­istry of Roads and Ur­ban Devel­op­ment.”

The Deputy Min­is­ter of Roads and Ur­ban Devel­op­ment an­nounced the Ger­man del­e­gates will visit Iran in the near fu­ture to fi­nal­ize the €3 bil­lion fund­ing.

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