Iran and China on the verge to resolve Banking hindrance

Iran's Minister of Economic Affairs and Finance, Ali Tayyebnia and Chinese National Development commission, He Lifeng in Tehran met up to discuss various dimensions of Iran-China economic ties specially the bank ties. Tayyebnia explained “In our meeting, we talked about ties between our banks and the Chinese official promised to follow up on the matter so that banking ties between Iranian and Chinese lenders would soon be re-established.”

According to Tayyebnia, he also discussed about Chinese finance for Iranian projects and referred to the finance for the project to electrify a 926-km railroad between Tehran and the eastern city of Mashhad as a successful deal.

Economy minister said that Iran has continuously introduced various Iranian projects to China which has been welcomed and will receive finance in the foreseeable future.

In accordance with the agreement, China will extend a $1.5-billion loan for the project, providing 88% of the total finance.