Iran ready to absorb foreign investment to expand railways network

Business Materials 24 January 2014 12:11 (UTC +04:00)

Baku, Azerbaijan, Jan.24

By Fatih Karimov - Trend: Iran is ready to absorb foreign investments to expand national railways network, the Fars News Agency quoted the Islamic Republic of Iran Railways managing director Hossein Mousavinejad as saying on Jan. 24.

The country needs 7 trillion rials (about $280 million) annually to expand its national railways network, but the government is unable to secure the budget, he added.

The sum should be provided by the private sector or through foreign investment, he noted.

More than one thousand wagons should be added to the national fleet in the next five years, he said.