The Joint Comprehensive Plan of Action (JCPOA) has eased Iran’s access to foreign financing for major projects in the country, First Vice-President Eshaq Jahangiri said, adding that agreements to receive $12 billion in foreign funds have been finalized.
Addressing an economic meeting on foreign fund reserves on Monday, Jahangiri said the JCPOA, the nuclear agreement between Iran and the Group 5+1 (Russia, China, the US, Britain, France and Germany), has helped Tehran attract foreign financing for major development projects.
Iran has signed agreements to receive around $30 billion in foreign financing from China and some European countries, the vice-president noted, adding that, so far, deals worth $12 billion have been finalized and will be carried out in the near future.
Part of the foreign funds would be allocated to “major infrastructural projects” in Iran, Jahangiri explained, calling on the Economy Ministry, the Central Bank of Iran and the Management and Planning Organization to devise plans for spending the foreign funds on the main priorities.
In December 2017, the Eximbank of Russia, a leading group supporting exports and imports, signed a deal to supply a credit line for four Iranian banks to finance various projects in the Islamic Republic.
In September, CITIC Trust, a major Chinese investment company, had signed an agreement with five Iranian banks to open a 10-billion-dollar line of credit to support construction projects in Iran.
There has been a wave of interest in ties with Iran after Tehran and the Group 5+1 reached conclusion over the text of the JCPOA in July 2015 and started implementing it in January 2016.
FAR Law Firm