News ID: 125480
Published: 0749 GMT August 26, 2015

Iranian, Chinese banks to cooperate

Iranian, Chinese banks to cooperate

The CEO of Export Development Bank of Iran (EDBI) announced on Wednesday that IEDB will commence cooperation with Bank of China, the oldest bank in mainland China.

Ali Salehabadi said that Bank of China is among the ten major banks in the world and EDBI is to cooperate with it in the banking sector as well as in implementing joint projects, Fars News Agency reported.

"Bank of China plans to create a credit line to fund Iranian projects," he said, "Details of our cooperation will be hashed out in a joint committee meeting of experts in near future."

EDBI is Iran's export-import bank which is wholly owned by the government and provides financing and other banking services to Iranian exporters and investors.

In June, Iranian Economy Minister Ali Tayyebnia and his Chinese counterpart Lou Jiwei in a meeting in Beijing discussed ways to broaden bilateral economic relations.

During the meeting, both ministers underlined the need to further develop mutual cooperation.

Tayyebnia was in Beijing to attend a meeting of the Asian Infrastructure Investment Bank (AIIB) to sign the articles of agreement outlining the legal framework and management structure of the institution.

Talking to reporters after meeting his Chinese counterpart, Tayyebnia said that the two sides underlined the need for mutual cooperation in various economic sectors.

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