Iran, Italy sign $1.37bln deal to build a high-speed railroad

Iran, Italy sign $1.37bln deal to build a high-speed railroad

Iran’s state railway company and its Italian counterpart signed a final agreement worth 1.2 billion euros ($1.37 billion) on Tuesday to build a high-speed railroad between the cities of Qom and Arak, the Fars news agency reported.

The agreement was signed in a ceremony in Tehran attended by Saeed Mohammadzadeh, head of the Islamic Republic of Iran Railways and Renato Mazzoncini, CEO of Italy’s state railroad company, Ferrovie dello Stato (FS).

A framework of “cooperation agreement” has been signed in April 2016 when former Prime Minister Matteo Renzi visited Tehran seeking a strong Italian foothold in a nation hungry for infrastructure investment as it emerges from financial isolation.

Read the full article on Zawya.