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Airbus Finalizes Deal with Iran for 100 Planes

An Airbus A321 with the description "The Airline of the Islamic Republic of Iran" below the tail fin is parked at the Airbus facility in Hamburg Finkenwerder, Germany, Dec. 19, 2016.

Airbus and Iran Air have finalized a deal for 100 planes worth billions of dollars seen as an important boost for Iran's post-sanctions economy.

Under the contract, initially announced in January and finalized Thursday, deliveries of aircraft will begin in the coming months.

The contract includes single-aisle A320 and A330 jets and wide-body A350 XWB planes, Airbus said in a statement.

The deal comes after Iran's flag carrier finalized a deal for 80 jetliners from U.S. plane maker Boeing Co. earlier this month. Both deals could dramatically help Iran's troubled aviation industry which has been hobbled by years of sanctions.

The U.S. and other world powers agreed last year to lift the sanctions on Iran in exchange for it curbing its nuclear activities.