TEHRAN- China’s CITIC Trust signed a 10-billion-dollar deal with five Iranian banks on Thursday to fund development and production projects in Iran, the official website of Central Bank of Iran (CBI) reported.

The deal was signed at CITIC Group headquarters in Beijing and in the presence of CBI Governor Valiollah Seif; Organization for Investment, Economic and Technical Assistance of Iran Director Mohammad Khazaei; and some other high ranking Iranian banking officials, the report said. 

As per the agreement, Export Development Bank of Iran, Bank of Industry and Mine, Parsian Bank, Bank Pasargad and Refah Bank are the designated Iranian banks that will use the Chinese finance. The loan will be repaid in installments within 10-12 years.

HJ/MA