Canada will provide $100 million in finance for a deal between Montreal-based multinational aerospace and transportation company, Bombardier Inc., and Iran’s Qeshm Free Zone Organization for purchasing 10 passenger planes, the FTZ’s chief executive, Hamidreza Momeni, has said.

The free zone is planning to launch a new airline called Fly Qeshm.

“Our talks with Canada’s Bombardier are almost final,” he was quoted as saying by Iran’s Tinn News on Tuesday.

Momeni said the $100-million finance will cover 80% of the deal, which entails the supply of the 104-seat planes.

“We are doing our best to receive these planes before the end of the current year (March 20, 2018),” he said.

He was quoted earlier as saying by Iran newspaper that the FTZ will receive permits to launch the new airline by July 29, adding that the airline will start operation as of February 11, 2018.

The organization’s talks with Bombardier to purchase passenger planes were publicized for the first time in April 2016, when Pierre Beaudoin, the executive chairman of Bombardier, led a delegation to Iran.