iran-china

Beijing clears debt to Tehran by financing Iranian projects

Iran-China Joint Chamber of Commerce Chairman Asadollah Asgaroladi said that China has financed several Iranian projects.

“We agreed to receive our money in the form of goods and finance,” the official explained, Iran’s Mizan News Agency reported on Dec. 16.

“The country has no debt to us anymore, except for the goods,” he said.

“Bank of Industry and Mine, Parsian, and Pasargad banks are currently working in this regard,” the official explained.

In November 2013, Iran announced that about $30 billion of its oil revenues have been blocked by Chinese banks due to the sanctions imposed on Tehran’s banking system.

The two countries agreed over Chinese companies’ financing of Iranian projects as an approach to return the blocked assets.

In December 2013, Asgaroladi announced that the annual trade between Iran and China may reach $38 billion by the end of the current Iranian calendar year (March 20, 2014).

According to Iran Customs Administration, the country’s total non-oil exports to foreign countries (excluding gas condensates) stood at $31.332 billion in previous year (which ended on March 20), while the country’s
total imports amounted to $50.818 billion.

The figures mark annual trade balance of -19.486 billion dollars for Iran.

Iran’s annual trade turnover is projected to reach $160 billion by the end of the fifth five-year development plan (March 2016).

By Cihan News Agency

 

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