$12 billion in foreign finance on the way

Financial Tribune – Iran will sign new finance contracts worth $12 billion with three Asian and European banks within a month, deputy governor for foreign exchange affairs at the Central Bank of Iran announced. Gholamali Kamyab made the statement on the sidelines of a ceremony for signing a contract to finance the electrification of a railroad linking Tehran to the northeastern city of Mashhad. Kamyab did not name the banks nor did he elaborate on the nature of the contracts. The implementation of Iran’s nuclear accord with world powers in early 2016 has led to an influx of foreign capital for Iranian projects formerly closed to foreign cash, as sanctions cut off the country from global financial markets. Kamyab also elaborated on problems related to the transfer of foreign exchange belonging to Iranian petrochemical companies from China. He said the money is being received gradually and talks regarding the issue are underway.