Iran discussing $60B investment with foreign firms: VP
Tehran, Iran, September 24
By Mehdi Sepahvand – Trend:
Iran has been holding talks for foreign investment with many countries, the sum of which amounts to $60 billion, First Vice President Es’haq Jahangiri said.
Addressing the inaugural ceremony of the International Exhibition of Plastics Rubber, Machinery and Equipment, Iran Plast, in Iran’s capital city of Tehran on Sept. 24, Jahangiri said $26 billion of the investment plans has already turned into contracts signed between the sides, Trend correspondent reported from the event.
This week Iran signed a 1 billion euro line of credit deal with Austria’s Oberbank and another worth half a billion euros with Denmark’s Danske Bank.
The Iranian vice president further said that among the agreements signed so far, $11.6 billion has been implemented and the respective projects carried out.
He noted that since the conclusion of the nuclear deal, aka joint comprehensive Plan of Action (JCPOA), Iran has lured some $14 billion direct foreign investment.
The Iran nuclear deal which Tehran struck in 2015 with six major powers lifted many sanctions against the country in exchange for restrictions on its nuclear activities and paved the way for international business deals.
Recently, a Chinese state-owned investment firm provided a $10 billion credit line for Iranian banks.
China Development Bank also recently signed preliminary deals with Iran worth $15 billion for infrastructure and production projects.
Nevertheless, a couple of weeks earlier, an eight-billion-euro credit deal was signed between Iran and South Korea’s Exim Bank, signaling an end to Iranian banking sector’s isolation from the world.