Chinese company to construct 4 sport villages in Iran
Baku, Azerbaijan, March 18
By Umid Niayesh - Trend:
Iranian ministry of sport and youth affairs has signed a financial memorandum of understanding with the China International Trust and Investment Corporation (CITIC) for construction of four sport villages in the country, Iranian IRNA news agency reported on March 18.
According to the memorandum, worth 4 billion Yuan, the Chinese company will construct four sport villages in Iranian Tabriz, Mashhad, Esfahan and Shiraz cities. The projects are scheduled to be implemented in 39 months.
The Chinese company also will construct a stadium with a capacity of 40,000 for women in the capital city of Tehran. The company also will carry out retrofitting project of Tehran's Azadi Stadium, according to the report.
In November 2013, a senior Iranian lawmaker said China has agreed to make investment in different projects in the country in lieu of the 22 billion euro of Iran's blocked assets, Tasnim reported.
Hossein Sobhani-Nia, member of Iranian Parliament's Presiding Board, said that the country's parliamentary delegation, during a recent visit to China, discussed a broad range of topics with Chinese officials, including Iran's blocked assets - mainly from oil export revenues.
In 2012, China invested $1.2 billion in Iran, while this figure dropped to $200 million in 2013, according to the chairman of the Iran-China Joint Chamber of Commerce, Asadollah Asgaroladi.
The two countries bilateral trade including oil, petrochemicals, and gas condensates amounted to $35 billion last year