Some 15 trillion rials ($557 million at official exchange rate) is annually earmarked to improve the domestic railway network, Mohammadreza Nosrat, deputy manager of the Islamic Republic of Iran Railways, said on Wednesday. “Iran Railways is seeking to mechanize the majority of railways in a bid to reduce fuel consumption.” It also seeks to renovate locomotives older than 31 years old, the official said. However, he added, implementation of all plans, which requires 7,500 trillion rials ($278 billion) in total, is not feasible by merely relying on financial resources provided by the government. “The private sector needs to step in.”
