Finalizing a €1.2-billion-agreement on Railway Electrification Financing Project

Finalizing a €1.2-billion-agreement on Railway Electrification Financing Project

Iran’s Bank of Industry and Mine and the Russian government-owned development bank Vnesheconombank (VEB) signed a €1.2-billion-agreement on financing electrification of Garmsar–Incheboron railway project in May 2018 in Iran.
Garmsar–Incheboron railway, with a length of 495 kilometers, links Garmsar in the north-central province of Semnan to Incheboron in the northeastern province of Golestan. It extends to Turkmenistan and Kazakhstan and links the Central Asia to the Persian Gulf and beyond.