Iran, having pissed off most of the world and caused ridiculous blowhards to draw cartoons at the UN, is hopeful China will come to its aid and provide $2 billion needed to complete Tehran’s metro rail project.
Iran, currently undergoing a severe currency crisis after the rial fell 40% against the dollar and inflation soared past 25%, is “in negotiations with China (government, banks and agencies), we are hoping to get financing”, according to Mohammad Montazeri, deputy managing director, planning & logistics, Tehran Urban & Suburban Railway Co.
Foreign loans which accounted for 43 percent of the approximately $10 billion (for all three phases) metro cost from 1987 to 1997 fell to 10 percent during 1997 to 2005. At the end of last year, foreign loans dried up completely [according to Iranian officials].
Iran is currently subject to stringent economic sanctions by the US and the European Union due to its perceived intentions to develop weaponised uranium for nuclear warheads.