Economy, Domestic Economy
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$1.5b in Rail Investments Since 2013

$1.5b in Rail Investments Since 2013$1.5b in Rail Investments Since 2013

The government has invested $1.5 billion in railroad projects ever since President Hassan Rouhani took office in August 2013, Saeed Mohammadzadeh, CEO of the Islamic Republic of Iran Railways, said. The rail sector, according to Mohammadzadeh, has become a top priority for both the government and the parliament, and Iran’s sixth five-year development plan (2017-22) is focused on expansion of railroads, IRNA reported. As per the plan, it has been decided that 1% of Iran’s annual oil revenues be allotted to develop railroads over the next five years.  Rail budget for the current Iranian year (March 2017-18) shows a 40% rise compared to that of last year (March 2016-17. Iran has 3,500 kilometers of railroads under construction. The country’s 20-Year Vision Plan (2005-25) stipulates that the number of passengers using rail transportation in the country will increase from the current 25 million to 65 million per year. Rail development projects include double-tracking, electrification and construction of high-speed railroads and track-laying on 1,500 km of new lines.

 

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