China's CITIC Trust will extend $10 billion credit line for supporting projects in lran, based on an agreement signed between the company and five Iranian banks at CITIC Group headquarters in Beijing on Thursday.
Export Development Bank of Iran, Bank of Industry and Mine, Parsian Bank, Bank Pasargad Iran and Refah Bank are designated to act as the agent banks for using the Chinese finance on water management, energy, environment and transport projects in Iran, the official news portal of the Iranian government reported.
The Iranian delegation, headed by Valiollah Seif, the governor of the Central Bank of Iran, has traveled to China in an attempt to enhance bilateral banking relations.
The Iranian mission is scheduled to sign a memorandum of understanding with the Development Bank of China on financing construction and production projects worth €15 billion.
The mission is also set to hold a meeting with China Banking Regulatory Commission (CBRC).
The Beijing-based CITIC Group Corporation, formerly the China International Trust and Investment Corporation, is a state-owned investment company established in 1979. It now owns 44 subsidiaries, including China CITIC Bank, CITIC Holding, CITIC Trust Co. and CITIC Merchant Co. Ltd in China, Hong Kong, the United States, Canada, Australia and New Zealand.