Mellat Bank to Finance Shahid Rajaee Port Expansion
- Business & Finance
The Managing Director of the Ports and Maritime Organization (PMO) of Iran has announced the designation of Mellat Bank that will finance China for the expansion of Phase II of Shahid Rajaee Port, and a credit for this project from the Iranian Government, stating that investments in Phase III of this port were initially estimated at around $500 million.
As for providing funds for the equipment of Phase II of the above port, Mr. Saeednejad mentioned: “In the Port of Shahid Rajaee, the equipment being purchased for Phase II does not completely cover the eastern and western wings.”
He continued that investors would be attracted through a public announcement for the small remaining part.
The Iranian Deputy Minister of Road and Urban Development further stated: “At the time being, Phase II is being equipped through Chinese financing. In this respect, the progress has been satisfactory, and the issuing bank has been designated, as well as a sizeable credit by the Government for this project.”
Announcing Mellat Bank as the Iranian bank involved in this project, PMO’s Managing Director further mentioned that the official formalities were being followed by the Chinese side as well.
The Deputy Minister also elaborated: “Among the major projects in Shahid Rajaee Port, one could point to plans for purchase and provision of equipment for eastern and western wings and basin no. 2, as well as construction and equipment of basin No. 3.”