EghtesadOnline: China is financing the under-construction Tehran-Qom-Isfahan high-speed railroad project, director general of Isfahan Province Governorate’s Technical Office said.
“Foreign financing of the project has been provided by China,” the unnamed official was quoted as saying by Mehr News Agency, without further elaboration.
He added that the Islamic Republic of Iran Railways has been appointed as the body in charge of the project.
Earlier, Construction and Development of Transportation Infrastructures Company had been introduced as the executor of the railroad, according to Financial Tribune.
Iran has signed a contract with China Railway Group Limited, also known as CREC, to build this line. Although the contract was signed in 2015 with an estimated value of €1.8 billion, its scope and value are expected to expand.
Minister of Roads and Urban Development Abbas Akhoundi has ordered the redesign of the route to make it more efficient compared to the previous design, including the relocation of the train stations in Tehran, Qom and Isfahan.
CREC is a Chinese construction company listed in Shanghai and Hong Kong stock exchanges. The major shareholder of the company is the state-owned China Railway Engineering Corporation.