Volume. 11975

China to use $3b of blocked assets to fund water, power projects in Iran
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c_330_235_16777215_0___images_stories_edim_04_mg2(82).jpgTEHRAN – China has finalized deals with Iran, according to which $3 billion of Iranian money, which is blocked in China due to international sanctions, will be used to fund water and power projects in the Islamic Republic, the Iranian deputy energy minister for international affairs said.
“China has agreed to fund 15 water and power projects in Iran,” the Mehr News Agency quoted Deputy Energy Minister Esmaeil Mahsouli as saying on Friday.
Chinese investors are negotiating with Iran to reach deals to use $20 billion of blocked Iranian money to fund projects for the construction of power plants and dams, as well as water supply and drainage networks, he said.
“However, the two sides have only come to terms on $3 billion worth of projects so far,” he added.
In November 2013, Iranian MP Hossein Sobhani-Nia said China had agreed to use $20 billion of blocked Iranian money to fund development projects in Iran to circumvent the international sanctions imposed on the country.
The preliminary agreement was reached after Iranian Majlis Speaker Ali Larijani travelled to Beijing to talk with Chinese leaders about strengthening political, economic, and cultural ties between the two countries. 
Iranian government spokesman Mohammad Baqer Nobakht announced shortly after the meeting that $22 billion of Iran’s assets -- mostly revenue from oil exports -- has been blocked in China due to sanctions imposed by the UN Security Council over Iran’s nuclear program. 

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Last Updated on 02 May 2014 16:31