Bank of China (BOC) is ready to resume its banking ties with the Export Development Bank of Iran (EDBI, also known as EXIM Bank of Iran), Chunyan Cai, CEO of Bank of China Middle East (Dubai) Limited, said in a meeting in Tehran with Ali Salehabadi, managing director of EDBI.
“Both banks welcome resuming of banking relationships in post-sanctions era”, the IRIB quoted Salehabadi as saying on Sunday.
Emphasizing that need for a draft contract between the two banks, Salehabadi noted that “we welcome the new round of cooperation with BOC and we will resume our ties with the lifting of sanctions.”
In addition to its financing programs in the field of export, EDBI- seeking its goal of overseas trade promotion- also offers facilities to Iranian importers of import of raw materials, intermediary and capital goods through lines of credit extended by some reputable banks in Asia and Europe. Utilizing the facility based on the mechanism of deferred payment, the Iranian importers will enjoy a strengthened purchasing power.
Founded in 1912, BOC is the only commercial bank that has been continuously operating for a century in China, as well as a commercial bank with the highest level of internationalization and diversity in the country. In November 2012, BOC was once again selected as a “Global Systemically Important Financial Institution”, the only one among the emerging economies.