Russian Firms Ink Contract to Make Railcar, Locomotive for Iran" title="Russian Firms Ink Contract to Make Railcar, Locomotive for Iran" src="https://armaneghtesadi.com/en/wp-content/uploads/2017/12/13960928000546_Test_PhotoI.jpg" />
TEHRAN (ECOIDEAL)- Two Russian firms signed a contract with the Iranian Railway Company to allocate 3 billion Euros for joint production of railcars and locomotives.
Trade Promotion Center of Russia, the Russian Agency for Export Credit and Investment Insurance (EXIAR), and the Iranian Railway Company signed the contract on Monday.
According to the contract, the Russian firms will provide 3 billion Euros for joint production of railroad wagons, locomotives, and the rail grid equipment.
"To develop the rail network of the country and the infrastructures, $28 billion is to be invested according to the sixth development program, and currently with two contracts $5 billion of it has been put into effect,” said Iranian Minister of Road and Urban Development said on the sidelines of the signing ceremony on Monday.
In a relevant development on Sunday, the Iranian and Russian private sectors signed a memorandum of understanding (MoU) to expand their cooperation in different and economic fields.
The MoU was signed between the Iranian-Russian Chamber of Commerce and Chamber of Commerce and Industry (CCI) of Russia's Altai in Tehran.
A Russian delegation, led by Head of Altai CCI Boris Chesnokov, held talks with Head of Iran-Russia Joint Chamber of Commerce Asadollah Asgaroladi and inked the cooperation document.
Based on the newly-sealed MoU, the two parties pledged to pave the path for strengthening business, research and technology ties between their private sectors and companies and organizations.
Also, the two bodies, with the aim of bolstering trade relations, will provide each other with information about economy and foreign trade regulations.
Source: Farsnews