Economy, Domestic Economy

China to Finance Iran Rail Projects

China to Finance Iran Rail ProjectsChina to Finance Iran Rail Projects

Iran and China will sign rail contracts during Chinese President Xi Jinping’s upcoming Iran visit, which is scheduled for January 22 to 23, said managing director of the Islamic Republic of Iran Railways. Mohsen Pourseyyed-Aqaei added that “with the end of economic sanctions on Tehran, the government is now allowed to avail itself of foreign investment funds to develop the country’s rail and development projects,” IRNA reported.  On Saturday, the UN nuclear watchdog IAEA confirmed that Iran has complied with the July 14 nuclear deal it brokered with world powers. The announcement officially marked the end of more than a decade of sanctions imposed by the West on Iran over its nuclear energy program. “Next year’s spending package has envisioned a separate budget to support production of railroad cars. It is our hope to see the government allocate 20% of the revenues coming from the rise in diesel prices to roads and rails,” Pourseyyed-Aqaei was quoted as saying by IRNA.