China invests $100 million in Tehran underground
A Chinese company is to invest $100 million in an underground rail project to link two western suburbs of Tehran, the official IRNA news agency reported. "Nurinco" is to put up $100 million for the 25-kilometer (16-mile) link between Mahrshahr and Hashtgerd, IRNA quoted housing ministry official Kamran Mardomi as saying.
The initial agreement between the two countries was reached during President Mohammad Khatami’s visit to China last year, with a final accord signed in January by the Iranian minister of housing, the managing-directors of Metro and New Towns Construction companies, and Chinese officials, Mardomi added.
According to Iranian officials, work on the four-year project will start in the next Iranian year, beginning March 21, while "the Chinese side asked for a guarantee from Iran's Central Bank of a return on their investment," he added.
The project could result in a housing boom in Hashtgerd, and improved transportation in Tehran's suburbs, Mardomi said. — (AFP, Riyadh)
© Agence France Presse 2001
© 2001 Mena Report (www.menareport.com)