A Chinese-led consortium won an uncontested contract for a multi-billion-dollar high-speed passenger rail link between Mexico City and the central city of Queretaro, the Mexican Transport and Communications Ministry said November 3.

The group led by China Railway Construction Corp. Ltd. was the only bidder for the 130-mile-long line. Siemens and Bombardier earlier had shown interest, but published reports from Reuters said they were denied additional time to prepare a bid.

The Export-Import Bank of China will finance 85% of the project's costs, the ministry said.

Mexico's government said the project would cost 50.82 billion pesos ($3.74 billion), including the build cost and five years of operation. The figure will be updated to reflect inflation, exchange rates and other variables when the contract is signed, the government said.

Mexico wants the project to allow 27,000 passengers to move daily between the two cities at speeds of as fast as 186 mph.