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Central Bank of Iran (CBI) and China Export and Credit Insurance Corporation (commonly known as Sinosure) signed a Memorandum of Understanding (MoU) on Tuesday.
The MoU was signed in a meeting in Tehran attended by CBI Deputy Governor for Foreign Exchange Affairs Gholamali Kamya and Sinosure Vice-President Weimin Zha.
Under the terms of the agreement, the major Chinese state owned enterprise will supply necessary export insurance for offering financing facilities to construction and manufacturing projects to be implemented in Iran and in accordance with future contracts.
As such, institutions as well as public and private companies wishing to finance their projects through Chinese fund, are able to enjoy credit coverage of Sinosure.
Addressing the meeting, Weimin expressed the hope that signing of the MoU could open a new chapter in economic relations between Iran and China and its implementation would benefit the two countries.
In July 2016, General Administration of Customs of Peoples Republic of China announced that in the post-sanctions era, Irans oil trade with China increased following the removal of the anti-Iran sanctions after landmark nuclear agreement between Iran and the world six major powers (the US, Britain, Russia, France, China and Germany) in July 2015.
Iran is currently the sixth major oil supplier to China.
As one of the traditional customers of Irans oil products, China, consuming 11,968,000 bpd in 2015, is the second major oil consumer of the world after the US.

Source: Farsnews- Date: (09 May 2017)