Iran, China Exim Bank ink MoU

News ID: 3743217 -
TEHRAN, Aug. 16 (MNA) – An MoU was sealed today between Iran and China aiming to prepare grounds for financing economic and infrastructural projects and boosting bilateral relations.

The Memorandum of Understanding (MoU) was inked on the sidelines of the 16th Iran-China Joint Economic Commission meeting in Beijing between Deputy Iranian Economy Minister Mohammad Khazaei and Deputy of Export-Import Bank of China (Chexim - China Exim Bank) Sun Ping.

The agreement comprises various sections including road, ports, transportation, plant, telecommunications, industrial parks, oil and gas, healthcare sector, agriculture and tourism plans.

On the basis of the newly-signed MoU, low-interest preferential loans with long-term payback periods have been envisaged.

Another important feature of the document is that no limit has been specified for the execution of projects and as long as project requirements are met, the plan will be implemented with necessary coordination.

The 16th meeting of the Joint Economic Commission between Iran and China will convene on Tuesday evening in the presence of Iran’s Minister of Economy Ali Tayebnia who also heads the Iranian side in the joint commission.

Earlier in June, representatives of Exim Bank of China and Islamic Republic of Iran Railways (RAI) met in Tehran examining the process of financing the electrification project of Tehran-Mashhad railway.

Accordingly, the Chinese side will undertake 85 per cent of the financing while the remaining portion will be supplied by the Iranian government.

The electrification project is worth about two billion dollars by which the 900-kilometer route, as the country’s most crowded railway track, will become electrified by the Chinese side.

HA/3742900

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