China will build Russia’s first high-speed rail line under a package of deals worth US$10 billion.
The rail agreement was one of 39 signed on Monday in Moscow by Chinese Premier Li Keqiang and his Russian counterpart, Dmitry Medvedev.
The deal calls for the construction of a 770-kilometer high-speed line connecting Moscow and Kazan, an important metropolis on the Volga River, according to China Daily.
Chinese firms and their Russian partners will discuss design, financing and supply.
The Moscow-Kazan line is the first section of a railway stretching to Beijing, with completion scheduled for 2018 in time for the World Cup soccer finals in Russia. Kazan is one of the host cities.
Trains will reach speeds of up to 400 kilometer per hour, shortening travel between the two cities three and a half hours from 13, according to the Moscow Times newspaper.
Also, the State Grid Corp of China will help to upgrade Russia’s electricity network, the report said.
Details were settled regarding a US$400 billion cooperation project to transport natural gas from Russia to China.
A currency swap agreement was also signed, allowing investors to make direct settlement in the renminbi and rouble to prevent losses from an easing of the US dollar.
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