Economy, Business And Markets

Cabinet OKs China Finance Deal Guarantee

Cabinet OKs China Finance Deal GuaranteeCabinet OKs China Finance Deal Guarantee

As part of the latest ratifications made by the Cabinet of President Hassan Rouhani on Monday, the Ministry of Economic and Finance Affairs has been permitted to issue the guarantee needed to implement the foreign finance deal clinched with the Exim Bank of China. The ministry is now allowed to issue the guarantee pertaining to the finance deal for the electrification of Tehran-Mashhad railroad, reports the official news website of the administration. The finance deal was signed in Tehran on July 26 between the Chinese lender and Iran’s Bank of Industry and Mine, and China will finance 88% of the project. The ministry gained the permit as part of the Cabinet’s meeting to discuss the next annual budget law.

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