TEHRAN – Five consortiums from 7 countries have been chosen as qualified for the signaling project of Tehran-Mashhad railroad, said Iran’s Railway Company’s deputy director for planning and international affairs here on Sunday.

China, Russia, France, Germany, Switzerland, Spain, and Italy are the seven countries competing over the project, announced Abbas Qorbanali.
The official added that the companies are obliged to offer their technical and financial suggestions within two months, saying the project will be conducted in finance form, namely 85 percent of the project has to be financed by the winner of the tender and the remaining 15 percent by the government.
The project’s cost is estimated at about 6-8 trillion rials (some $650.7- $867.6 million).