CITIC Group Corporation
September 2017 - China has signed an agreement with Iran to provide a credit line of $10 billion for its infrastructure projects – what is seen as the biggest economic deal between the two countries after the removal of sanctions against the Islamic Republic in 2016.
The agreement was signed between China’s CITIC Group Corporation and a consortium of Iranian banks that included Bank of Industry and Mine, Refah Bank, Parsian Bank, Bank Pasargad and Export Development Bank of Iran.
CITIC Group’s wholly owned subsidiary CITIC Construction Co., Ltd maintains a branch in Iran and includes the Iran Teheran Metro among its “representative projects.” CITIC Construction Co. also features the South Iran Aluminum Plant under “Showcase” projects.
“Chinese CITIC Company has signed a memorandum of understanding with the municipality of Iran's Eastern Azerbaijan province's capital city Tabriz for implementation of a tram project, Iranian Donya-e-Eqtesad newspaper reported on March 18. The deputy governor of East Azerbaijan province, Mohammad Sadeq Pour Mahdi, Tabriz mayor, Sadeq Najafi and some members of Tabriz city council as well as top managers of the Chinese party attended the memorandum signing ceremony in Tabriz. Pointing to the achievements of his official trip to China and his meetings with some important Chinese companies, Najafi underlined the establishment of the first tram of the country and city as the most important part of the signed agreement and also highlighted the importance of cooperation with Chinese CITIC company in metro and electric bus projects to reduce the traffic and pollution problems of Tabriz in the near future. The deputy governor of East Azerbaijan province, Pour Mahdi emphasized the importance of attracting foreign investments, expressing hope to increase transportation projects in Tabriz. Tabriz is Iran's second most polluted city. Distribution of low quality gasoline along with older automobiles creates 72 percent of the air pollution in Tabriz, East Azerbaijan Province's Environment Department director Hamid Ghasemi said on Feb. 27.” (Trend, “China to implement tram project in Iran’s Tabriz,” 3/8/14)