Chinese state firm Citic will back projects across Iranian industry with 10-12 year loans in Euros or Yuan. Post-sanctions energy deals so far require Chinese investment of $6bn, with a railroad project requiring $1.5bn.

Iran has finalized a $10bn credit line deal with Chinese state-owned investment company Citic Group to finance infrastructure projects and is seeking a further $25bn. This continues the move by Tehran’s banking sector to gradually engage with the world outside the US,...