A CRH train that runs on Lanzhou-Urumqi High-Speed Railway stops at Urumqi South Railway Station in Urumqi, Xinjiang Uygur autonomous region, Dec 26, 2014. [Photo/Xinhua]

China is interested in bankrolling Russia's first high-speed rail line connecting Moscow and Kazan, investing about 300 billion rubles ($5.2 billion) in the construction of the project, Russian media reported Sunday.

Of the total, 50 billion rubles ($870 million) would come as an equity payment from the Chinese company in charge of the project. A furtehr 250 billion rubles ($4.33 billion) would come in the form of 20-year loans from Chinese banks, according to sources familiar with the proposal.

The 770-kilometer journey from Moscow to Kazan, capital of the Tatarstan republic, will be cut to just three-and-a-half hours instead of the current 11-and-a-half. The train would reach a top speed of 400 km per hour.

The project is planned to better connect mid-size Russian cities by improving transport and the mobility of people.

The Moscow-Kazan line forms the initial section of a Eurasian high-speed railway linking Beijing and Moscow, with completion scheduled for 2018 in time for the World Cup soccer finals in Russia. Kazan is one of the host cities.

The two countries signed a memorandum of understanding on the line during Premier Li Keqiang's visit to Russia last October.