30B euros worth Iran-China credit ready

Business Materials 23 December 2016 20:30 (UTC +04:00)

Tehran, Iran, Dec. 23

By Mehdi Sepahvand – Trend:

An Iranian-Chinese credit worth 30 billion euros has been prepared and is ready, Iranian Mines & Mining Industries Development & Renovation (IMIDRO) CEO Mehdi Karbasian said, Mehr news agency reported Dec. 23.

The value of projects implemented by Iran and China during the past three years (the Rouhani administration) has reached 20 billion euros, 4 billion euros of which were in the mining sector, he said.

“The biggest aluminum project in Iran, called SALCO, started with the cooperation of a Chinese company two years ago and has already made good progress,” the official noted.

China’s MCC is a great partner and contractor of IMIDRO steel projects and attempt will be made to extend the cooperation into other areas, Karbasian said.

He added that Iran’s 6th Development Plan will start March 2017 for a period of five years, with an outline to reach the economic growth rate of 8 percent.

“That would require $50 billion foreign investment, of which $30 billion will go into the up and downstream steel industries, $10 billion will go into aluminum industry, and $10 billion into mining and mine industries,” he added.