Baku, Azerbaijan, May 6
By Fatih Karimov – Trend:
Bank Tejarat, a commercial bank in Iran, signed a memorandum of understanding with China’s leading bank, CDB (China Development Bank) for boosting mutual cooperation, Iran’s ISNA news agency reported May 6.
Under the signed document the Chinese bank will provide a $300 million loan for Bank Tejarat for financing projects of Telecommunication Company of Iran.
The China Development Bank is a financial institution led by a cabinet minister level Governor, under the direct jurisdiction of the China State Council. As one of three policy banks of China, it is primarily responsible for raising funding for large infrastructure projects.
Last August Iran signed two cooperation documents with the CDB and the Export-Import Bank of China (EXIM) on financing economic and infrastructural projects.
The deals cover the projects regarding various sectors, including transportation, power plants, telecommunications and industrial parks as well as oil and gas, healthcare, agriculture and tourism.
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