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TEHRAN, December 18 - Iran and Russia signed an agreement on foreign finance and insurance coverage for railroad cooperation.
TEHRAN, Young Journalists Club (YJC) - The agreement was signed by Islamic Republic of Iran Railways and Russian Reinsurance Company (JSC ) to finance and produce railroad cars.
The agreement was signed in presence of Iranian Road and Transportation Minister Abbas Akhoundi and was inked by Iran Railways CEO Saeed Mohammad-Zadeh and CEO of the Russian Export Center Peter Fradkov.
The two sides agreed to indigenize joint production by Iranian and Russian producers and make joint investment worth € 3 billion by the next 5 years.
The first phase is joint production of 6.000 wagons by foreign finance through Russian United Wagon Company and three Iranian wagon producers and has been finalized.
The two sides would also cooperation in producing wagons, locomotives and other railroad equipment.
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