A consortium led by China Railway Construction Corp. has won a multi-billion dollar high-speed rail network project in Mexico, Reuters reported.
The Chinese-led group was the only bidder for the project which involves the construction of a 210-kilometer high-speed passenger rail link between Mexico City and Queretaro, the report said, citing the Mexican Transport and Communications Ministry.
The project is expected to cost US$3.74 billion, including operational costs for five years. The figure will be updated later to reflect inflation, exchange rates and other variables when the contract is signed.
The Mexican government wants the rail link to allow 27,000 passengers to move daily from Queretaro at speeds of as much as 300 kilometers per hour.
The Export-Import Bank of China will finance 85 per cent of the project’s costs, according to the report.
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