Par­sian Bank Signs Agree­ment With CITIC Group

Iran News - - DOMESTIC -

TEHRAN - China’s CITIC Trust signed a 10-bil­lion-dol­lar deal with five Ira­nian banks, in­clud­ing Par­sian Bank, to fund de­vel­op­ment and pro­duc­tion projects in Iran.

It is for the first time that an agree­ment signed with three pri­vate and two state-run banks with sup­port of the Cen­tral Bank. Par­sian Bank, Pasar­gad Bank and Re­fah Bank as the pri­vate ones as well as two state-run and In­dus­try and Mine, and Ex­ports De­vel­op­ment banks signed the deal with the CITIC Group in China.

Af­ter the 8-bil­lion-euro credit line agree­ment with South Korea, the deal with the Chi­nese Group is the sec­ond big­gest deal which is a proof that re­cent de­vel­op­ments have boosted trust and credit of Ira­nian banks for co­op­er­a­tion thanks to the JCPOA.

The CEO of Par­sian Bank Dr. Kourosh Parvizian was present in the cer­e­mony where the Gover­nor of the Cen­tral Bank Valiool­lah Seif and Deputy Econ­omy min­is­ter Mo­ham­mad Khaz­aee were also present.

As per the agree­ment, Ex­port De­vel­op­ment Bank of Iran, Bank of In­dus­try and Mine, Par­sian Bank, Bank Pasar­gad and Re­fah Bank are the des­ig­nated Ira­nian banks that will use the Chi­nese fi­nance. The loan will be re­paid in in­stall­ments within 10-12 years. CITIC Group ranks 51 among the top 500 world fi­nan­cial firms.

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