August 22, 2017 / 9:18 AM / 4 months ago

Iran says World Bank approves 1 billion euros to electrify rail network

LONDON, Aug 22 (Reuters) - The World Bank has agreed to provide 1 billion euros ($1.18 billion) to electrify the rail network in Iran, the head of the country’s regional railway authority said on Tuesday.

“The World Bank has approved to provide 1 billion euros as finance for the electrification of the railway ... that starts in Garmsar in Semnan province and continues to the city of Gorgan in Golestan province,” Yusef Geranpasha was quoted as saying by state news agency IRNA. Russia and Iran signed an agreement worth 1.2 billion euros in November 2015 to electrify the Garmsar to Inche Burun route in Iran.

Geranpasha said implementation of the Iranian-Russian contract will start soon after the World Bank’s decision, and may take three years to finish. ($1 = 0.8498 euros) (Reporting by Bozorgmehr Sharafedin, editing by Louise Heavens)

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