A consortium led by Africa-Israel Investments has signed a contract to build the first line of a light railway in Tel Aviv. The long-delayed system came one step closer to reality after the Knesset Finance Committee approved the government's obligation to contribute seven billion shekels ($1.75 billion), which amounts to 70 percent of the projected costs of the project.

The consortium is required to finish the first line in six years and will operate the system for 32 years before it is turned over to the government.