“Italy to invest 4bn Euros in Iranian Rail”

Advisor for the ITINERA S.P.A company for international affairs Pino Arlacchi told IRNA on Sunday that he has signed agreements with two leading Iranian transporation companies.

He said the company is preparing to enter next phases of investment projects related to banking and insurance issues.

He said he saw no real obstacles in promoting transactions with Iran as his company could use euro instead of dollar in transactions with Iran.

A senior official in Islamic Republic of Iran Railways Abbas Nazari said Italy is to join two railway construction projects in Iran.

Director General of the Organization for International Affairs Abbas Nazari said based on an agreement signed with Italian companies, they are to contribute in construction of flash trains travelling between the cities of Qom and Arak and also between Tehran and Hamedan.

He said Iran and Italy are also to cooperate in building an engine test center in Tehran and setting up training courses.

According to the official, the projects are to receive insurance coverage from Italy’s Sace Company.

Iranian officials had already announced that Italian insurance agency Servizi Assicurativi del Commercio Estero (SACE) is ready to cover Tehran-Rome deals up to an unlimited ceiling.

Italian Prime Minister Matteo Renzi, heading a 250-member political and economic delegation, arrived in Tehran on April 12.