Iranian Deputy Minister of Economy and Finance, Mohammad Khazaei, and the Vice President of China’s Export-Import Bank, Sun Ping, signed a MoU on Tehran – Mashhad electrification project.
Under the agreement, China will provide a USD 1.5 billion loan, covering 85% of the total cost of the project, and the Iranian government will invest 15%. The total cost of the project is USD 2 billion.
The project involves the electrification of 926 km of railway line linking Tehran and Mashhad, in Khorasan Razavi Province.
The electrification project will be carried out by China National Machinery Import and Export Corporation and Mapna Group, as a subcontractor.
Tehran-Mashhad is the most used railway line of Iran and one of the few double-track lines of the country. With a length of 926 km and 50 stations it starts from Tehran, and ends in Mashhad in northeastern of Iran after passing through the major cities of Garmsar, Semnan, Damghan, Shahroud, and Neishabour.
Currently, the highest possible speed on this route is 160 Km/h which will be increased to 200 km/h after the electrification is completed. Based on predictions, the railway will carry annually 33 million passengers and 10 million tonnes of freight by 2032. 
The first phase of the project involves the electrification of the railway line, the acquisition of locomotives and equipment, and engineering services to integrate project divisions.
The second phase will focus on civil works including the modernisation of the existing tracks, the development of existing stations, and the acquisition of infrastructure equipments and the rolling stock.
Under the project, it is estimated that Iran will purchase 70 electric locomotive for passenger and freight transport services.
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