Economy, Domestic Economy

China’s Norinco Signs MoU to Build Iran’s 1st Tramway

China’s Norinco Signs MoU to Build Iran’s 1st TramwayChina’s Norinco Signs MoU to Build Iran’s 1st Tramway

Qazvin Municipality has signed a memorandum of understanding with China’s Norinco International Corporation for the construction of tramway tracks in the Iranian city. This is the first time tramway will be seen on Iranian streets.  The agreement was signed on Tuesday by Qazvin Mayor Ali Safari and the Chinese side to help ease traffic jams in the city, Qazvin Municipality’s website reported. “The project is worth 5 trillion rials ($120 million),” Safari said in a televised interview on Wednesday. Norinco will present a proposal for building 7.5 kilometers of tramway track in Qazvin, which will also include details about the project’s financing. The state-owned Chinese firm has been active in Iranian rail projects since 1995. It has carried out $3 billion worth of projects in Iran, including for Lines 3, 4 and 5 of Tehran Subway. The company also holds 23% of shares in Tehran Wagon Company. 


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