#AceFinanceReport – Mar.14: The Persian-language newspaper Iran reported that the agreement had been signed on Monday at Iran Air premises in Tehran, citing a statement by the country’s Ministry of Roads and Urban Development: “After months of negotiations, a Chinese company has accepted to provide funding for purchases of Iran Air planes, wrote the newspaper without mentioning the name of the Chinese company:
“The problem of providing funds for new plane purchases has thus been resolved.”
In December 2016, Boeing sealed deals with Iran’s flag-carrier airliner Iran Air over sales of 80 jets valued at $16.6 billion. They include 50 narrow-body Boeing 737 passenger jets and 30 wide-body 777 aircraft. Iran Air also sealed deals with Airbus over purchases of 100 planes worth $18-20 billion at list prices and has already received three of them: Iran Air has also signed a deal with the Franco-Italian aviation player ATR in early 2017 over a total of 20 turboprop planes and has already received six planes #AceNewsDesk reports
The arrival of the first new Airbus passenger plane was celebrated in a hanger in Tehran’s Mehrabad Airport in January 2017.
Iran signed an agreement with Boeing over the purchases of dozens of new planes in 2017.
Officials in Tehran had already said Iran Air would under deals with Airbus and Boeing pay only 15 percent of the amount for the planes purchased and that the remaining 85 percent would be provided by funders.
“This has obstructed further deliveries of planes,” Iran added in its report, emphasizing that deliveries of new planes could resume in summer.
“Iran Air had to purchase three Airbus planes that have been delivered in cash to make the contract effective,” it wrote. “It had been agreed that the amount would be considered as pre-payment for planes once the problem over finding would be resolved. Now that the problem of funding has been resolved, the next plane would be expected in Tehran after 21 June 2018, as per the agreement with Airbus”.
Iran had already announced that it expected to receive the first Boeing around May 2018. However, the future of the deal with the American aviation giant was thrown into doubts after US President Donald Trump increased his rhetoric against the Islamic Republic last year.
There have even been speculations that Trump might move to stop Boeing’s deal with Iran. http://ptv.io/2YHY
China Cementing Its Position as Iran’s Top Trade Partner: From bilateral trade to finance contracts and civil projects, China arguably has the strongest presence in Iran among all other countries: The Islamic Republic of Iran Customs Administration’s monthly data, reviewed by Financial Tribune, shows non-oil trade between Iran and China amounted to $19.7 billion during the 11 months to Feb. 19, marking a $3 billion (18%) growth compared with last year’s $16.8 billion goo.gl/CYd7j8
Iran says the Export-Import Bank of China (EXIM) is set to provide funds for the development of the Iranian petrochemical and telecommunication projects.
China’s EXIM bank has sealed a deal with Iran’s Bank Tejarat to provide funds for Iran’s petrochemical and telecommunication projects as well as those in other sectors:
The media in Tehran said on Thursday that this has been envisaged as per an agreement that China’s EXIM bank has signed with Iran’s Bank Tejarat to jointly fund Iranian projects.
Bank Tejarat has reportedly announced in a statement that the next segments that could benefit from the scheme are the automobile industry as well as the energy sector.
Providing financial guarantees for projects that are to be carried out by Iranian and Chinese companies or those from a third country has also been envisaged in the deal between the two banks.
Bank Tejarat has further emphasized that China’s EXIM bank is even set to provide insurance coverage for Iran’s import and export activities.
China’s EXIM bank in January signed a basic agreement with Iran’s Ministry of Road and Urban Development based on which it would fund the construction of a high-speed trains service between Iran’s capital Tehran and Mashhad in the northeastern province of Khorasan Razavi.
The agreement to provide a fund of around $4 billion was signed during a landmark visit to Iran by China’s President Xi Jinping.
China reportedly owes Iran over $20 billion in outstanding oil payments. The cash has been frozen in overseas banks after the US-led sanctions made it difficult for Beijing to transfer money to Tehran.
The two countries have reportedly reached a deal to settle some parts of the frozen money through China’s funding of Iranian petrochemical projects. It is not clear if the scheme that China’s EXIM bank has devised with Iran’s Bank Tejarat addresses is part of this deal. http://ptv.io/26LiFive Iranian banks have jointly signed a finance deal worth $10 billion with CITIC Trust, a Chinese state-owned investment company, to fund development projects in Iran.CBI also signed a memorandum of understanding with the Development Bank of China on financing construction and manufacturing projects worth €15 billion https://t.me/fintribune/2404
China pushing billions into Iranian economy as Western firms stall: China is financing billions of dollars worth of Chinese-led projects in Iran, making deep inroads into the economy while European competitors struggle to find banks willing to fund their ambitions, Iranian government and industry officials said https://t.me/ReutersWorld/36438
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