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China Offers Billion-Euro Loan for Iran Projects - ASHARQ AL-AWSAT English Archive
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TEHRAN (AFP) – Beijing has offered a loan of one billion euros (1.2 billion dollars) to fund projects in Tehran, a report said on Sunday, in a sign of increased Chinese participation in the Iranian economy.

Iran’s Fars news agency, quoting a senior official from Tehran municipality, said the loan would have a repayment period of three to four years.

“The one-billion-euro Chinese funding is materialising,” Hossein Mohammad Pourzarandi said, adding that the loan would be used for several construction projects, including road networks, undertaken by the municipality.

In recent years China has emerged as Iran’s main trading partner, with increased exposures in key economic sectors of the Islamic republic, including oil.

Several Western energy companies have left Iran amid the increasing possibility of a new round of UN sanctions against Tehran for pursuing its controversial nuclear programme of uranium enrichment.

They are being replaced mainly by Chinese and Iranian firms.

Asharq Al-Awsat

Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

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