China pro­vides RM42­bil credit line to Iran

The Star Malaysia - - World -

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.

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