TEHRAN – Iran’s Minister of Roads and Urban Development Farzaneh Sadegh and private sector investors on Sunday signed a memorandum of understanding (MoU) in the rail and transport industry, valued at $750 million.
The signing ceremony was also attended by the chief executive of the Islamic Republic of Iran Railways, private sector investors, and activists of the rail and transport industry.
The MoU signed on sunday outlines, 600 tanked freight wagons, 300 diesel self-propelled passenger wagons, and 50 locomotives will be purchased, the website of the Ministry of Roads and Urban Development reported.
Rail Transit Reaches 5mn Tonnes in a Year
Jabbar Ali Zakeri, the chief executive of the Islamic Republic of Iran Railways, has put the volume of the country’s rail transit in the previous Iranian calendar year (ended March 20, 2025) at five million tonnes.
He noted that the country’s rail transit volume will reach eight million tonnes before the termination of the current Iranian calendar year (to end March 20, 2026).
Zakeri went on to say that the development of the transit industry will generate foreign exchange for this sector, adding that the volume of transit in the country will reach 40 million tonnes in the long term upon the completion of the construction operation of the East-West and North-South corridors.
Two major contracts in the field of locomotives will probably be unveiled within the next two months, the deputy minister of roads and urban development added.