State-owned China National Transportation Equipment & Engineering (CTC) is ready to finalize a USD 3 billion agreement for a railway project that will connect Tehran with the northeastern holy city of Mashhad, a Chinese source told Reuters.
For the 930-km rail project, China’s Export and Import Bank (EXIM) is expected to fund 85 percent of the cost, with CTC providing engineering, procurement and construction services, said the source.
China EXIM Bank is Beijing’s designated policy lender for large trade deals and overseas investments by Chinese firms.
Iran’s Tasnim News Agency last month reported a lower cost of USD 2 billion for the project, which it said would take 42 months to build.
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