In line with supporting domestic production and in order to manufacture various types of wagon in the country, a Memorandum of Understanding (MoU) was inked between the Ministry of Roads and Urban Development and Plan and Budget Organization in late 2018, he stated.

Accordingly, Plan and Budget Organization promised to finance 40 percent of the credit for domestic production of wagon while Iran-Venezuela Bi-National Bank vowed to finance other 40 percent of the credit needed for manufacturing of wagon, he said, adding, “the remaining 20 percent shall be borne by the applicants willing to purchase wagon.”

According to him, entry of new fleet of domestic production of wagon to the rail network registered a considerable 64 percent growth in the first four months of the current year (March 21 – July 21) as compared to the last year’s corresponding period.

He went on to say that a number of 172 wagon units were added to the rail network of the country in the same period.

It should be noted that Iran-Venezuela Bi-National Bank is an international financial institution that was founded in 2010 with an aim to develop commercial ties between Iran and Venezuela.