Tehran, Beijing ink $10nb investment contract

News ID: 4087461 -
TEHRAN, Sep. 15 (MNA) – Iran’s deputy economy minister said, within a 10-billion-dollar contract, China has allocated Lines of Credit (LOCs) to five Iranian banks.

Mohammad Khazaei made the remarks while speaking at the MoU-signing ceremony for a ten-billion-dollar LOC contract between CITIC Group Corporation Ltd. of China and five Iranian banks.

“The deal marks the first major contract signed with China in the era after the Joint Comprehensive Plan of Action (JCPOA),” stated the official adding “upon signing this contract, we will be able to quickly finalize its executive procedures in Iran and China.”

Head of the Iranian Investment Organization added “Iran's cooperation with CITIC Group is divided into three categories one of the main areas of cooperation with the large financial institution being financial analysis and project financing as signed by the parties.”

“CITIC is one of the largest economic groups in the world and taking advantage of its companies to execute major Iranian projects based on mutual agreement remains yet another aspect of cooperation between the two sides. The third area of collaboration between Iran and the CITIC lies in discussion of financial services of the Chinese side in Iran and signing of the agreement will boost ties between financial and economic groups of Iran and China. Given the presence of CITIC on the international level, the group can serve as Iran’s gateway for to the world,” he explained.

An agreement on a $ 10 billion credit line between Iran and China's CITIC Group was inked in Beijing on Thursday at presence of Governor of Central Bank of Iran Valiollah Seif, Iran's Ambassador to Beijing Ali Asghar Khaji, Chairman of Iran’s Investment Organization Mohammad Khazaei as well as CITIC Group directors. The meeting, which was held at the Chinese CITIC Center in Beijing, signed a $ 10 billion agreement on credit line of China’s CITIC Group with five Iranian banks.

CITIC GROUP is one of the largest financial institutions in the world, ranked among the top 500 groups. The China Construction Bank, CITIC Bank, Bidou Group, China Film Company and China Post Express Company are among subsidiaries of CITIC Group.

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