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Iran attracts $7B of foreign investment after sanctions lift

Business Materials 30 September 2016 16:32 (UTC +04:00)

Tehran, Iran, September 30

By Mehdi Sepahvand - Trend:

Since the implementation of the JCPOA, Iran has succeeded in attracting $7 million of investment from abroad, according to Ahmad Jamali, CEO of Foreign Investment Organization.

We have no problem for transferring money, he said on the background of world banks’ hesitation to start relations with Iran after the country’s freedom from sanctions, Fars news agency reported September 30.

The banks and exchange houses that carried out the $7 billion transfer came mostly from Germany, Italy, and the UAE, he noted.

However, he admitted that Iran is usually working with small banks in the post-sanctions period as big world banks are still reluctant to approach Iran.

Sanctions on Iran were removed in January following the implementation of the nuclear deal, JCPOA.

However, the memory of US Treasury punishments and a remaining set of primary US sanctions continue to discourage foreign banks and companies from doing business with Iran.

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