Beijing Construction Engineering Group (BCEG) is to finance $250 million in a project for building a hypermarket of construction materials in Iran.

The group signed a memorandum of understanding (MOU) in this regard with the Iranian Omran Holding Group- a subsidiary to the country’s Civil Servants Pension Organization (C.S.P.O), in Tehran on Tuesday, the official website of C.S.P.O reported.

The MOU was signed by the CEO of C.S.P.O Mahmoud Eslamian, the Managing Director of Iranian Omran Holding Group Amir Hossein Karimi, and a director from BCEG.

As accorded, 15 percent of the required financial resources for implementation of the project will be supplied by C.S.P.O and the rest will be provided by the Chinese BCEG.

“The intended hypermarket will be constructed in an area of 90,000 square meters in east of Tehran,” Karimi said during the signing ceremony, “construction of this hypermarket is an introduction to construction of other specialized markets in Iran.” / Tehran times /