TEHRAN- China has finalized a deal with Iran to finance the second phase of the plan to develop Shahid Rajaee Port in Iran’s southern province of Hormozgan, according to an official with the Ports and Maritime Organization (PMO) of Iran.

Abdolkarim Razzazan, the director general for purchase and maintenance of equipments at PMO, said supply of equipments for the second phased of Shahid Rajaee Port’s development plan requires €180 million, of which €107 million will be financed by China, the Fars News Agency reported on Sunday.

The official said that the equipments are scheduled to be exported to Iran in the next Iranian calendar year (March 2016-March 2017).

At present, over 80 percent of the port equipments are domestically manufactured in Iran, he noted.

The first phase of the plan came on stream in February 2008, increasing the ports’ container transportation capacity to 3 million TEU from 1.8 million TEU.

MA/