Economy, Domestic Economy

Revamping Railroads

Revamping RailroadsRevamping Railroads

Increasing the share of railroads in domestic transportation by 20 percent until 2025 requires more than 350 trillion rials ($12.9 billion at official exchange rate) in investment, Minister of Roads and Transportation Abbas Akhoundi said Sunday.

Speaking at a meeting with members of Iranian Association of Rail Transport, Akhoundi highlighted the need for attracting investment in rail projects. “Iran’s rail network is about 25 years old, which indicates the low rate of investment made in the sector over the past years,” he was quoted by the ministry of roads and urban development news agency as saying.

“The value of investment during the past 6 years stood at $350 million. The sum was spent on importing locomotives and wagons, most of which were second-hand.”

It is only through large investments by the government and the private sector that rail transport can improve, Akhoundi dded.