Export Development Bank of Iran has reached an agreement with Bank of China—one of the top 10 banks in the world—to start cooperation, said the Iranian bank’s manager. “The state-run EDBI needs to at least double its capital from 25 trillion rials ($750 million at market exchange rate) if it is to help develop Iran’s export levels,” Ali Salehabadi, CEO of the bank, said on Wednesday. Citing the CEO, Bourse Press news website said the two banks will work together to finance joint projects between Iran and China. The Chinese bank has agreed to open a credit line for the import of machinery and equipment Iran needs for its development projects, according to the report. The projects, which are handled by the Iranian private sector and have potential to boost exports, are prioritized for receiving the banking services.
