Volvo offers €200mln investment package to Iran
By Trend
Volvo submitted the details of a type of 200-million-euro
cooperation model to Iran whereby the Swedish construction
equipment company will supply heavy machinery and equipment to the
Islamic Republic.
Representatives from VOLVO Construction Equipment Company held a
meeting with Iranian Deputy Minister of Industry, Mining and Trade
Mehdi Karbasian in Tehran on May 23 and submitted the cooperation
model to him, IRNA news agency reported.
Karbasian, who is also the Director of the Iranian Mines and Mining
Industries Development and Renovation Organization (IMIDRO),
welcomed the model, saying that this could help rejuvenate the
country’s dilapidated fleet of mining machinery.
An official with Volvo, for his part, said the company approves
IMIDRO as the guarantor of the entire project.
He, however, added that Iran’s Central Bank and Economy Ministry
can also give this guarantee and help the plan go ahead.
As the first phase of the cooperation framework, 200 million euros
will be allocated by Volvo and this can be doubled with the help of
IMIDRO, the report added.
US President Donald Trump announced on May 8 that Washington was
walking away from the nuclear agreement, which was reached between
Iran and the five permanent members of the UN Security Council -
the US, Britain, France, Russia and China - plus Germany.
Trump also said he would reinstate US nuclear sanctions on Iran and
impose "the highest level" of economic bans on the Islamic
Republic.
Before Trump’s announcement, Iran’s mining sector had more than $10
billion of investment pledges by the Europeans and Chinese under
its belt, but they are backtracking on their promises one by one
over the new US sanctions.
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