China has opened $10 billion credit line for Iranian banks

Assisting Tehran with sidestepping an ongoing Washington sanctions regime against the country, China has opened a $10 billion line of credit intended to finance energy, transportation, water and other key Iranian infrastructure projects, Iran’s central bank president said Saturday.

The contract was signed in Beijing between China’s CITIC investment group and a delegation of Iranian banks led by central bank president Valiollah Seif.

The Iran Daily said the funds would finance water, energy and transport projects.