China to issue $10bn to Finance Iranian Projects

By John Lee.

China’s CITIC Group Corporation, formerly the China International Trust and Investment Corporation, has expressed its readiness to allocate a $10 billion loan for Iranian mineral projects, the Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO) said.

According to a report from Trend, company official Zhou Yafang said the required permissions for financing the projects will be obtained from China’s government before 2017.

Yafang, who is heading a high-ranking CITIC delegation to Tehran, made the remarks during a meeting with the IMIDRO chairman, Mehdi Karbasian.

He added that the company is ready to finance the second phase of the South Iran aluminum plant, in addition to steel, copper and coal projects.

(Source: Trend)

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