China to provide $1.7 billion in Iran projects despite sanctions
Tehran, Iran, Aug.24
CEO of Iran's Jahad Nasr Institute Mohammad Javad Salehi Nejad announced funding of a Khuzestan Province project through finance from China Trend reports citing ILNA.
During his trip to Khuzestan in early 2019, President of Iran Rouhani talked about revitalizing Khuzestan’s farming industry. The budget for cultivation of 550,000 hectares [2,123 square miles] of land in this province has been then approved and it has been decided that by the National Development Fund can provide funds for the project.
“The amount to be provided by China in 2020-21 amounts to $1.7 billion,” CEO of Iran's Jahad Nasr Institute said. "The funds will be used in the sub-network irrigation,” he added.
Salehi Nejad went on to say: “The negotiations with China were initiated two years ago, and recently the side agreed to provide the funds. We have already received the approval of the Economic Council for Chinese financing," he said.
Salehi Nejad said that another source of funding for the 550,000-hectare project in Khuzestan Province is the National Development Fund.