Baku, Azerbaijan, June 9
By Farhad Daneshvar - Trend:
The Export-Import Bank of China (EXIM) and Islamic Republic of Iran Railways have considered a plan for financing a railway project in Iran.
The EXIM is set to provide funds for launching Tehran-Mashhad railway electrification project in Iran, IRNA news agency reported.
According to the report, the representatives of the EXIM have been in Iran over the past four days to examine the railway project.
The EXIM Bank is expected to provide 85 percent of funds required to launch the project.
Meanwhile, the Iranian government will finance 15 percent of the project.
Under a $2 billion agreement, China will work on a 900-kilometer long railway electrification project in Iran.
Earlier, China's EXIM Bank inked a basic agreement with Iran's Transport Ministry on financing a high-speed train service between Iran's capital Tehran and Mashhad in the northeastern province of Khorasan Razavi in January.