Chinese finance for Iranian projects increased to $50 billion

Business Materials 15 November 2014 13:50 (UTC +04:00)

Baku, Azerbaijan, Nov.15

By Fatih Karimov - Trend: Chinese finance for Iranian projects has increased from $23 billion to over $50 billion.

Esmaeil Mahsouli, Iranian Deputy Energy Minister, said the Chinese finance will be used to implement industrial, development, and economic projects in the oil, gas, petrochemicals, water, and electricity sectors, Iran's Mehr news agency reported on November 15.

Iran and China has already agreed on $23 billion Chinese finance for Iranian projects, but the government made some suggestions to China, so that the volume of finance reached $50-$52 billion, he explained.

Some $1.5-$2 billion will be invested in water and electricity projects, he noted.