The lifting of economic sanctions on Iran following the International Atomic Energy Agency’s (IAEA) report confirming the country’s compliance to terms in the international nuclear deal could unlock project investments worth up to $200bn.

Of these, less than $3bn-worth are under bid, close to $12bn are undergoing prequalification and another $12.2bn are under design, according to regional projects tracker MEED Projects. Projects worth an estimated $99bn are under study, while $73.5bn-worth of projects are on hold.

Major hurdles, however, remain before funding for these projects could be obtained.

“The government coffers are empty and we alone are owed huge sums from works already delivered,” a consultancy firm tells MEED. ”Banking issues need to be resolved quickly.”

Foreign delegations from China, Russia and Europe have visited Tehran in recent months.

Iran signed a railroad deal with Russia in November 2015, while Germany’s Siemens signed a sweeping memorandum of understanding (MoU) with the Islamic Republic of Iran Railways (RAI) in early January.

Key planned projects in across Iran’s key industries include: