The Industrial and Commercial Bank of China Shanghai Branch will provide an Iranian passenger transport company with US$84.46 million worth of buyer's credit for an export deal.

An agreement on the deal was signed Wednesday between representatives of the bank and the State Bank of Iran.

Under the agreement, Raja, a state-owned railway company operated by the state railways administration of Iran, will use the credit to import 150 first-class carriages and 25 generator cars from China for its construction of a railway hub in the Middle East.

It was the third time the Chinese bank had provided financial support to China-Iran projects.

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