The company, a subsidiary of China’s railway giant CRRC Corps, undertook to provide funds up to 85% of the project as well as parts for assembly at Iranian train manufacturing company Wagon Pars.
Another Chinese company signed a deal with Iran's Ministry of Roads and Urban Development to build a railway between the cities of Shiraz and Bushehr in the country's south with $700 million of investment.
In July 2017, Iran’s state rail company and its Italian counterpart signed a final agreement worth 1.2 billion euros ($1.37 billion) to build a high-speed railway between the cities of Qom and Arak.
Later that month, French transport company Alstom signed a joint agreement for the construction of subway carriages in Iran.
