Iran plans to allocate $25B to rail network development

Business Materials 17 May 2015 15:05 (UTC +04:00)

Baku, Azerbaijan, May 17

By Fatih Karimov - Trend:

Iran plans to allocate $25 billion to develop its rail network by 2022, said Abbas Akhoundi, Iranian roads and urban development minister.

Some $3.5 billion can be allocated for expanding infrastructures and superstructures in the rail sector by Iranian fiscal year 1400 (March 2021-March 2022), Iran's Fars news agency quoted Akhoundi as saying on May 17.

A contract will be signed in the near future to connect the inner-city and intercity transport networks together, he added.

We are also planning to connect the national rail network to rail networks in Iraq, Turkey, Afghanistan, and Pakistan, he noted.

According to statistics, Iran currently has over 8,000 kilometers of standard railways; some almost 40 million metric tons of goods and over 30 million passengers are transported annually by the rail transportation network in Iran.

Iran's railway network connects Asia to Europe. With up to 500 kilometers of new lines per year, Iran has one of the fastest growing networks in the world. By 2015, Iran expects to reach every regional capital by rail, therefore it is considered as the biggest market for rail-related industries in West Asia.