China to Double Iran Investments

China is set to double its investment in Iranian infrastructure projects, Iran’s Mehr news agency reports.

China has raised its quota for Iranian projects to $52bn (£33bn) from $25bn the report said, quoting Iran’s deputy minister for energy, Esmail Mahsouli.

Water, electricity, oil and gas projects will all benefit from the extra financing, Mr Mahsouli said.

Iran has turned to China, Russia and Turkey for financing as Europe and the US have strict sanctions on the nation.

The US has an almost total economic embargo on Iran, while the European Union tightened up its sanctions in 2012, particularly targeting the energy and banking industries.

The US, the EU and other nations suspect Iran of developing atomic weapons and have imposed sanctions over that threat.

Iran says its nuclear programme is only for civilian use.

via BBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza