China provides RM42bil credit line to Iran
TEHERAN: A Chinese state-owned investment firm has provided a US$10bil (RM42bil) credit line for Iranian banks, Iran’s central bank president said.
The contract was signed in Beijing between China’s CITIC investment group and a delegation of Iranian banks led by central bank president Valiollah Seif.
The Iran Daily said the funds would finance water, energy and transport projects.
Iran is vital to China’s trade ambitions as it develops its trillion-dollar Belt and Road initiative aimed at dramatically boosting its ties to Europe and Africa.
In addition to the credit line, the Export-Import Bank of China committed to a further US$10bil (RM42bil) in loans, while the China Development Bank signed preliminary deals with Iran for US$15bil (RM63bil) in infrastructure and production projects, Seif announced.