Azerbaijan , Baku , Nov.2/ Trend F.Milad/
Iran Railways, the National Development Fund, and the Industry, Mine and Trade Ministry have signed a trilateral memorandum of understanding to allocate 1 billion euros to the railway industry, Iran Railways managing director Abdol-Ali Saheb-Mohammadi said on Friday, the ISNA News Agency reported.
Saheb-Mohammadi said about 420 kilometers of railroad will be constructed by the end of the Iranian calendar year (March 20, 2013), adding that 10 new locomotives will come on stream in near future.
Iran inaugurated a locomotive production plant in northern Alborz Province in July.
The plant can manufacture 120 locomotives per year, according to the IRNA News Agency.
"Some 480 million euros plus 1 trillion rials have been invested in the project, which is aimed to create 750 direct jobs and 3000 indirect jobs," the Fars News Agency quoted Saheb-Mohammadi as saying.
Saheb-Mohammadi said in July that some 70 trillion rials (around $5.7 billion) has been allocated to develop railway infrastructures.
Some 25,000 kilometers of railway is in operation across the country, the deputy roads and urban development minister Ahmad Sadeqi has said earlier. He added that by the next two years all the country's provinces will be connected together through the railroad network.
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