CITIC established $10 billion line of credit with Iran for infrastructure projects

CITIC established $10 billion line of credit with Iran for infrastructure projects In 2017, China signed an agreement with Iran to provide a credit line of $10 billion for infrastructure projects, including water management, energy, environment and transport projects.

The agreement was signed between China’s CITIC Group Corporation and a consortium of Iranian banks that included Bank of Industry and Mine, Refah Bank, Parsian Bank, Bank Pasargad and Export Development Bank of Iran.

The facility will be paid back in installments within 10-12 yearsThe financing is fully backed by China Export and Credit Insurance Corporation known as Sinosure.

Although the original agreement was denominated in US dollars, the loans under the credit line would be primarily extended in euros and yuan. Loan applications and disbursements are still being received and processed as the projects continue to evolve. Ongoing monitoring and evaluation are in place to ensure project continuity.