According to the Central Bank of Iran’s website, vice president and a member of the Party Committee of the Chinese Insurance Corporation, Weimin Zha, and his accompanying delegation met with the foreign exchange deputy of the Central Bank of Iran, Gholamali Kamyab, to sign a memorandum of understanding.
According to the MoU, the Chinese export credit agency will insure state-owned and private Chinese companies that intend to invest in Iranian projects, enabling them to use new lines of credit.
Weimin hoped the MoU, which is a result of the mutual efforts of CBI and Sinosure, will open a new chapter in economic relations between the two countries and benefit both sides, Financial Tribune reported.
Sinosure is a major Chinese state-owned enterprise under the administration of the State-owned Assets Supervision and Administration Commission of the State Council that provides export credit insurance, particularly coverage for the export of high-value added goods in China.
It also covers political, commercial and credit risks. This includes short-, medium- and long-term export credit insurance, investment insurance, bond and guarantee business, debt and capital retrieval business and credit assessment business.
Prior to this, the entity had provided credit lines and export insurance for mining and refinery projects in Iran.