TEHRAN – Swiss company Stadler Rail Group inked a deal with Iran’s Industrial Development and Renovation Organization (IDRO) on financing the joint manufacturing of subway wagons in Iran.

Worth about €1.1 billion the deal was signed in Tehran on Wednesday, IRNA reported.

Stadler will open a credit line in this regard which will be covered by Swiss Export Risk Insurance Company (SERV).

Based on the contract, the Swiss company will collaborate with the Iranian organization for manufacturing of 960 wagons of which 728 will be used in the capital Tehran’s subway.

As reported, an Iranian company named Polour Sabz Industrial Group will represent the Swiss company in Iran.

The Swiss ambassador in Tehran Markus Leitner and IDRO’s Chairman Mansour Moazami attended the signing ceremony.

EF/MA