Bank Of Baku

Iran Announces $13 Billion Rail Project with China

Iran Announces $13 Billion Rail Project with China
# 10 February 2011 00:15 (UTC +04:00)
Baku – APA. Iranian news reports say China has signed a $13 billion dollar contract to construct a railroad network in Iran, APA reports quoting “The Voice of America”.

Iran’s Construction and Development of Transportation Infrastructures company says the plan calls for China to construct a 5,300 kilometer rail network. The state-run company announced the deal this week, saying the agreement was signed during a visit by a Chinese delegation. It did not say when the visit took place.

Iran says direct trade between the two countries was valued at $30 billion last year and is expected to grow.

Iran’s ability to forge ties with other nations has been hampered by international sanctions imposed on Tehran because of its controversial uranium enrichment program. Iran says its nuclear program is peaceful but some world powers suspect Tehran is trying to produce nuclear weapons.
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