TEHRAN – The Iranian finance ministry and the Export-Import Bank of China (Exim Bank) inked a memorandum of understanding on financing economic and infrastructure projects and expanding bilateral cooperation as well.

The penned accord embraces roads, ports, transportation, power plants, telecommunications, industrial estates, oil and gas, healthcare, agriculture and tourism plans, IRNA reported.

The Iranian deputy finance minister, Mohammad Khazaei, and the deputy director of the Chinese bank, Sun Ping, signed the MOU on the sidelines of the 16th meeting of the Iran-China Joint Committee in Beijing on Tuesday.

During the event, Iranian Finance and Economic Affairs Minister Ali Tayyebnia highlighted the significance of the joint economic committee in bolstering strategic relations between the two countries.

The Iranian minister said that the meeting of Iran-China Joint Economic Committee is being held under the condition that the two countries’ political relations are at a very satisfactory level and chances are high for expansion of mutual economic ties due to the set grounds for further cooperation.

Referring to China as one of the biggest trade partners of Iran in recent years and the upward trend of trade between the two countries, he admitted that there are still some problems with the banking relations, which will be resolved soon.