Assisting Tehran with sidestepping an ongoing Washington sanctions regime against the country, China has opened a $10 billion line of credit intended to finance energy, transportation, water and other key Iranian infrastructure projects.
The significant credit line will primarily use euros and yuan to bypass the US sanctions.
Seif indicated that the $10 billion, alongside an additional previous $15 billion of Chinese investment into other unnamed projects in the country, show “a strong will for continuation of cooperation between the two countries,” according to Pakistan’s geo.tv media outlet.
hina is seen to be opening trade to the region as part of a trillion-dollar “One Belt, One Road” strategy to increase ties to Africa and Europe. China is the biggest recipient of Iranian oil, and accounts for almost a third of Tehran’s overall trade.
In pledges to significantly increase trade with Iran, Beijing previously opened two credit lines equalling $4.2 billion, to build high-speed railway lines between Tehran and the cities of Mashhad and Isfahan, according to the Iran Daily, hot on the heels of an €8 billion credit agreement between Tehran and Seoul’s Exim bank signed in August.
While western banks remain cautious, particularly as Washington has imposed what many consider to be unnecessary financial blocks on Tehran, negotiations are progressing between banks in Austria, Denmark and Germany to provide a $22 billion credit line to Iran.
Six major European countries announced on Friday that they would join a special trade exchange designed to alleviate the impact of the US sanctions on Iran. Belgium, Denmark, Finland,...
China, Iran to forge closer ties due to common threat from United States, analysts say
French minister criticises US over ‘unanswered’ Iran attacks
Islam has the best argument in support of human rights: Judiciary chief
UN adopts eight resolutions in condemnation of Israeli crimes in Palestine
Trump’s maximum pressure policy on Iran has backfired and experts say it will fail
S. Korea’s exports of humanitarian goods to Iran effectively halted after U.S. sanctions
Copyright © 2013 Real Iran. powered by Wordpress.