Want China Times, Staff Reporter 2015-04-01
Beijing plans to invest 300 billion Russian rubles (US$5.2 billion) to build Russia's first high-speed rail line between Moscow and Kazan, reports the Xinhua publication Reference News.
Two high-speed locomotives in a hangar in Guiyang, Guizhou province. (File photo/CNS) |
Beijing plans to invest 300 billion Russian rubles (US$5.2 billion) to build Russia's first high-speed rail line between Moscow and Kazan, reports the Xinhua publication Reference News.
China
reportedly proposed the investment to Alexander Misharin, first vice president
of Russian Railways, in a meeting during the Boao Forum for Asia in Hainan.
Chinese officials suggested the two countries form a joint venture for the rail
line, each taking a 50% stake.
Around 50
billion rubles (US$860 million) of the investment will be equity payment made
by the Chinese company responsible for the project. Chinese banks will lend the
remaining 250 billion rubles (US$4.3 billion) to Russia for 20 years.
The
770km-long rail line linking five regions in Russia — Moscow, Vladimir, Nizhny
Novgorod, Cheboksary and Kazan — would reduce the travel time from 11 and half
hours to around three and a half. Many European and Chinese companies have
shown interest in the project.
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