TEHRAN- China’s Exim Bank (the Export-Import Bank of China) penned a contract with Iran’s Bank of Industry and Mine to finance $1.5 billion for signaling of Tehran-Mashhad railroad, IRIB news reported.

The agreement was signed in Tehran on Tuesday by Iran’s Bank of Industry and Mine Managing Director Ali Ashraf Afkhami and Vice President of Exim Bank Sun Ping during a ceremony attended by China’s ambassador to Tehran, Iran’s deputy transport minister, head of the Islamic Republic of Iran Railways (known as RAI), and one of the deputies from Central Bank of Iran (CBI).

As reported, the total value of the contract, which is the first one in its kind during the past one and a half year, stands at $1.7 billion. The Chinese bank will finance $1.5 billion of the project and $200 million will be provided by Iran.

“The agreement has been signed after 16 months of continuous negotiations with the Chinese bank,” Afkhami said addressing the signing ceremony, underlining the significance of JCOPA, commonly called the nuclear deal, implementation.

As Ping said, “China’s Exim Bank has financed 26 projects in Iran in various sectors including electricity, petrochemicals, oil and gas, and non-ferrous metals till the present time."

HJ/MA

PHOTO: Iran’s Bank of Industry and Mine Managing Director Ali Ashraf Afkhami (L) and Vice President of Exim Bank Sun Ping shaking hands after signing the contract for signaling of Tehran-Mashhad railroad