TEHRAN (FNA)- Officials of Iran's road and urban development ministry and France's giant aviation company, Air Bus, are slated to meet in Tehran on Sunday to discuss further purchase of passenger airplanes from that company.

A team of executives and experts from Airbus are now in Tehran to meet the Iranian officials.

According to a draft contract signed between Iran and Airbus earlier in 2016 the Airbus will sell 118 planes to Iran.

Iranian officials have already emphasized that the country will need to buy 500 commercial jets of various models for various short-, medium- and long-distance routes.

The agreement with Airbus � which is worth $27 billion � envisages purchasing 118 new planes by Iran. The country has also conducted advanced trade talks with Boeing.

In late May, Managing Director of Iran's national carrier, Iran Air (Homa), Farhad Parvaresh announced that Iran will most possibly finalize the contract to purchase Airbus and ATR aircraft within the next 45 days.

"Negotiations for the two contracts are lengthy, but we hope to finalize the contract within the next 45 days," Parvaresh told FNA.

He also expressed the hope that based on Airbus pledges, 8 Airbus and ATR planes could join the country's air fleet by the end of the current year.

Also in early May,, Parvaresh had announced that two German and French banks would help Iran to purchase Airbus and ATR aircraft.

"Airbus has coordinated with German and French banks to finance purchase of passenger planes and our project will be finalized in the next two months," Parvaresh told FNA.

He underlined that one of the very important things that is included in the draft contracts is the financing of the projects.

"One of the main duties of the aircraft manufacturers is helping to find the proper financiers while Iran Air is also looking for financier with more favorable conditions," Parvaresh added.

In late April, Head of Iran�s Civil Aviation Organization (CAO) Ali Abedzadeh said Tehran expects to receive at least five Airbus planes before the end of 2016.

Speaking to reporters, Abedzadeh said the planes will be A320 and A330 passenger jets, which will be handed over to the national flag carrier Iran Air within the next few months.

According to the official, this is based on a draft agreement that was signed with Airbus in January during the visit to Paris by President Hassan Rouhani.

He further expressed hope that the problems over providing funds for Iran�s plane purchases from Airbus would be resolved by the related institutions as soon as possible.

Abedzadeh also said that the draft agreement with Airbus will be finalized in the near future.

By Fars News Agency