NEVADA - Backers of a proposed magnetic levitation train that would ferry passengers between the Los Angeles area and Las Vegas announced Monday that a $7 billion loan from China hinges on the U.S. government's support for the project.

The announcement comes on the heels of maglev officials learning they were deemed ineligible for any of the $8 billion doled out Thursday for high-speed rail systems across the country.

Although maglev officials strongly disagree with the government's decision, spokesman Mark Fierro said that at this point, the government's hard cash is not as crucial as its support.

The Export-Import Bank of China is willing to lend the money with the knowledge that if the California-Nevada Super Speed Train Commission is unable to pay it back, federal officials will.

"This funding from the bank in China was never contingent on this round of federal funding," said Fierro, adding that the agreement was sealed in November. "They're willing to put up $7 billion, and that is a game changer. This is absolutely enormous."

The Chinese bank is familiar with the high-speed train technology and its potential, Fierro said. It is estimated that the train would carry 43 million passengers by 2025.