Saeed Mohammadzadeh made the statement in Tehran on Tuesday after China signed a contract with Iran to finance the electrification of the 926-km route with a $1.5-billion loan.
The loan, which is to be guaranteed by Exim Bank of China, will be provided by Iran’s Bank of Industry and Mine, according to Financial Tribune.
The electrification project will be carried out by China National Machinery Import and Export Corporation, also known as CMC.
The project is estimated to take four years to complete.