BIM to Channel AIIB Infrastructure Finance

The chief executive of Bank of Industry and Mine has met with a former Japanese premier to outline the activities of the bank since Iran’s nuclear accord with world powers was implemented in January 2016.

In his talk with Yukio Hatoyama, currently an adviser to the Asian Infrastructure Investment Bank, Ali Ashraf Afkhami pointed to opening the first letter of credit through the SWIFT interbank messaging network for the private sector, establishing correspondent banking ties with 82 banks across 33 countries and signing a memorandum of understanding with the Korea Export–Import Bank as important BIM initiatives.

The AIIB adviser is in Iran as part of a five-member delegation to develop bilateral and international economic ties.  Hatoyama announced that AIIB is ready to finance infrastructure projects in Iran through BIM.  

Afkhami referred to a $400-million deal with the Export–Import Bank of India, a €1.2-billion ($1.4 billion) finance deal for a thermal power plant project in Hormozgan Province with Russia’s Vnesheconombank, and the $1.5 billion partnership with the Export–Import Bank of China to electrify Tehran-Mashhad railroad as other BIM undertakings.

“From the viewpoint of investments, Iran is the safest country in the region and the second-biggest economy in the Middle East that boasts a young and educated workforce.” Afkhami said.