Economy, Domestic Economy
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Germany, China Finance €400m Wagon Agreement

Germany, China Finance €400m Wagon AgreementGermany, China Finance €400m Wagon Agreement

German and Chinese banks have provided €400 million in loan to finance deals between Iran and Siemens to jointly manufacture wagons and locomotives in the Islamic Republic, says a deputy roads minister, Mohsen Pourseyyed Aqaei. “Deals worth some €400 million, signed with Germany to jointly manufacture locomotives, have been financed by German, and partly by Chinese banks,” said Aqaei, who also chairs the government-affiliated Islamic Republic of Iran Railways Company, the ministry’s news service reported. On Monday, Germany’s Siemens signed a contract to upgrade Iran’s railroad network, one of several deals agreed by German firms during a two-day visit to Tehran by Economy Minister Sigmar Gabriel. Siemens said it will supply components for 50 diesel-electric locomotives to Iran’s MAPNA Group. Another agreement was also signed between the two companies to jointly manufacture 70 electric locomotives to be used in the 926-km Tehran-Mashhad railroads, which is being electrified.

 

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