Amid ongoing economic crisis, Iran has revealed an expansion plan for its main international gateway in Tehran, with the construction to be awarded to the Revolutionary Guard.

Iran's Minister of Roads and Urban Development, Mehrdad Bazrpash, declared on Saturday that China is set to invest €2 billion in the construction of the second phase of Imam Khomeini International Airport.

Bazrpash urged private sector companies to collaborate in the implementation of this substantial project.

The first phase of IKIA's development, according to him, with a budget of $500 million, is scheduled to become operational in March 2025.

Bazrpash further asserted that a Chinese company would contribute over €2 billion for the completion of the second phase's construction.

Earlier statements from Saeed Chalandari, the CEO of IKA (Imam Khomeini Airport Company), revealed that the construction contract was signed with an undisclosed Chinese company after negotiations with various domestic, and international contractors. However, IRGC officials said on Saturday that their construction company will be the main builder.

However, the backdrop of this development is accusations against several Iranian airlines, including Mahan Air, linked to the Islamic Revolutionary Guard Corps (IRGC). The airlines have faced bans from countries such as the US and France, for their alleged involvement in transporting military equipment and personnel to conflict zones in the Middle East.

Despite a touted 25-year strategic partnership agreement between China and Iran, Tehran has found itself somewhat excluded from Beijing's Belt and Road Initiative and other regional investments, largely due to US sanctions. Notably, China has only inked two investment agreements with Iran from 2013 to 2023, and one of them was canceled in 2018 when the United States withdrew from the JCPOA nuclear agreement with Iran.