The Central Bank of Iran (CBI) has announced that a memorandum of understanding has been signed with the China Export & Credit Insurance Corporation, also known as Sinosure, to insure Chinese firms investing in projects in Iran.
The MoU was signed by Weimin Zha, vice-president of Sinosure, and Gholamali Kamyab, foreign exchange deputy of the CBI. This will allow both state-owned and private Chinese firms to access new lines of credit when investing in Iranian projects.
Weimin said that he hopes the MoU will open a new chapter in economic relations between the two nations, providing benefits for both, the Financial Tribune reported.
Sinosure is a large state-owned company which is under the State-owned Assets Supervision and Administration Commission of the State Council. It provides export credit insurance, especially cover for exporting high-value added goods from China.
It also provides cover for political, commercial and credit risks, including short-, medium- and long-term export credit insurance, investment insurance, bond and guarantee business, and others.
Prior to the agreement, Sinosure has provided credit lines and export insurance for several mining and refinery projects in Iran.