China to provide $20 billion for water, electricity in Iran

Investors in the People’s Republic of China are reportedly engaged in negotiations with officials in the nation of Iran regarding the preparation of a $20 billion investment package aimed at improving Iran’s water and electric power infrastructure. Esmail Mahsouli, Iran’s deputy minister of energy for international affairs, told reporters on May 2 that the two countries have signed a total of 15 contracts worth $3 billion thus far, including contracts to develop eight hydroelectric power dams and eight water transmission and drainage projects. Iran has $22 billion in assets that have been frozen in China due to international sanctions against Iran over its alleged efforts to develop nuclear weapons capability. In April, Iran’s Tasnim News Agency reported that Ali Tayebnia, Iran’s minister of economic affairs and finance, had called for establishing special trade relations between the two countries and expressed hope that Chinese businesses would allocate a significant portion of their overseas investment to Iran.