Two Iranian banks have begun to finance a number of projects from the resources provided by Chinese funds, the head of Iran-China Joint Chamber of Commerce told Tasnim news agency on Monday. Asadollah Asgaroladi did not reveal any details over the name of the banks or the nature of the projects that have been approved for financing. The upper limit of the Chinese finance would be between $40-44 billion, said Asgaroladi, “which is twice the $22 billion debt China owes Iran for previous oil and gas deliveries.” The two sides have agreed that the Chinese side finances the Iranian projects to clear its debts. Currently, two Iranian banks are examining other projects that have also applied for funding from the East Asians financiers, said Asgaroladi, who added that the process might be time-consuming, as there are some ambiguities and deficiencies in the projects which need to be addressed before the projects are approved.