China credit for Iran

The Nation - - WORLD -

A CHI­NESE state-owned in­vest­ment firm has pro­vided a US$10 bil­lion (Bt330 bil­lion) credit line for Ira­nian banks, Iran’s cen­tral bank pres­i­dent said yes­ter­day.

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 tril­lion­dol­lar “One Belt, One Road” strat­egy 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 $10 bil­lion in loans, while the China De­vel­op­ment Bank signed pre­lim­i­nary deals with Iran for $15 bil­lion in in­fra­struc­ture and pro­duc­tion projects, Seif an­nounced.

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