Iran inks big-time financial deal with China

Business Materials 14 September 2017 17:56 (UTC +04:00)

Baku, Azerbaijan, Sep. 14

By Khalid Kazimov – Trend:

Five Iranian banks and China’s CITIC Group Corporation Ltd inked a memorandum of understanding (MoU) on banking cooperation on Thursday in Beijing.

Under the MoU, the Chinese side would open worth of $10 billion of credit line for Bank Pasargad, Parsian Bank, Bank of Industry and Mine, Refah Bank, Export Development Bank of Iran, IRNA news agency reported.

Governor of the Central Bank of Iran, Valiollah Seif, addressing the ceremony for inking the MoU, said the agreement is an indication of expansion of ties between the two countries.

He further added that the relation between the two countries has improved to strategic level and the latest agreement would contribute to strengthening ties between Tehran and Beijing.

The official also expressed hope that in addition to the mentioned banks, more Iranian banks would reach agreements with the Chinese CITIC.

Back in August, Iran signed a similar finance agreement worth of 8 billion euros with South Korean Export-Import Bank (Exim Bank).