Mexico selects Chinese consortium to build high-speed rail line

The government of Mexico has awarded a contract to the Chinese consortium of China Railway Construction Corp. Ltd. to build a $3.7 billion high-speed rail system between Mexico City and the central city of Queretaro, the Mexican Transport and Communications Ministry announced earlier this week.

The consortium was the only bidder for the 130-mile line, according to a report by Reuters. The Export-Import Bank of China is expected to finance 85 percent of the project's cost, according to the report.

The project's $3.7 billion price tag includes building costs and five years of operation.