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€3 billion German finance on its way to Iran

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Staff Writer | October 9, 2017
German finance worth €3 billion ($3.5 billion) for a railroad project in Iran will soon be finalized, a deputy roads and urban development minister announced.
Asghar Fakhrieh-Kashan
Investment   Asghar Fakhrieh-Kashan:
"We are on the verge of finalizing a €3 billion foreign finance deal with a German company with €1.7 billion ($2 billion) of the funds related to projects belonging to the Ministry of Roads and Urban Development," Asghar Fakhrieh-Kashan also told ILNA.

Iranian officials have been holding negotiations with Germany for a foreign finance deal in recent months, but have yet to divulge any details.

According to Fakhrieh-Kashan, a German delegation will soon travel to Iran to finalize the finance deal.

"The funds will be used to electrify the Tehran-Isfahan railroad, purchase seven electric locomotives and transport the purchased goods," he said.

"There have also been talks for more than a year about a $10 billion foreign finance deal with Japan."

The deputy minister noted that the Japanese have shown interest in a $9 billion Iranian project to build two railroads that connect the northeastern and northwestern points of Tehran to its southwestern and southeastern points respectively.