KfW said to agree on $1.27b Iran rail loan

China Daily (USA) - - BUSINESS -

Ger­many agreed to pro­vide Iran with a 1.2-bil­lion-euro ($1.27 bil­lion) credit line to help fi­nance a rail project , ac­cord­ing to an of­fi­cial at the Cen­tral Bank of Iran. The fa­cil­ity — through state-run lender KfW IPEX— will help fund the de­vel­op­ment of the Te­heran to Mash­had rail­way, the of­fi­cial said, ask­ing not to be iden­ti­fied. Ger­man banks have also agreed to help fund power sta­tions in the coun­try, he said. Iran has strug­gled to raise for­eign fi­nanc­ing for tens of bil­lions of dol­lars worth of in­fra­struc­ture projects which it hoped could get started af­ter sanc­tions were eased 10 months ago. Large Euro­pean banks have mostly kept their dis­tance, wor­ried that they could fall afoul of re­main­ing US sanc­tions.

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