Iran to establish high council for exports
Azerbaijan, Baku, Oct.21/ Trend, R. Zamanov
Iran's High Council for Exports will soon open, First Vice-President Is'haq Jahangiri said on Monday.
We seek to provide a line of credit to exporters," the Tasnim News Agency quoted Jahangiri as saying.
"The first priority of Iran's government in the economic sector is to tackle all the obstacles to exports," he added.
A line of credit is any credit source extended to a government, business or individual by a bank or other financial institution. A line of credit may take several forms, such as overdraft protection, a loan, export packing credit, a term loan, discounting, the purchase of commercial bills, traditional revolving credit card accounts, etc.
It is effectively a source of funds that can readily be tapped at the borrower's discretion. Interest is paid only on money actually withdrawn. (However, the borrower may be required to pay an unused line fee, often an annualized percentage fee on the money not withdrawn.) Lines of credit can be secured by collateral, or may be unsecured.