India to invest $2 billion in Iranian ports and Railways projects

India to invest $2 billion in Iranian ports and Railways projects

*Tehran – Minister of Roads and Urban Development Abbas Akhoundi says Indians will invest two billion dollars in Iranian port and railway projects.*

Akhoundi, who is on a visit to New Delhi as a member of the delegation accompanying President Hassan Rouhani, said the initial agreement for the investment has been reached.

He said many issues pertinent to ports and railway will be finalized in the visit of the president to India and total amount of the joint investment in the two areas will reach about two billion dollars.

Akhoundi added that cooperation with Indians is planned in four headings and the initial agreement to that effect were reached in advance and will be finalized during the visit.

The minister said one of the headings for cooperation with India calls for investment in Chabahar-Zahedan railway.

'That's a strategic and important railway; we followed cooperation with Indians to operate and complete it and early agreement has been reached for cooperation in the field at a credit of more than 800 million dollars and the deal will be finalized in the visit and announced officially.'

He said one more important point in railway project with Indians is joint construction of locomotives . 'Early agreement has been reached with Indians for joint construction cargo locomotives.'

Akhoundi said railway construction in Isfahan foundry with 300,000 ton/year capacity is among measures taken in railway field in partnership with Indians and the agreement will be finalized during the ongoing visit.