Iran opens $300 million LOC for exports to Iraq

Business Materials 24 September 2014 16:10 (UTC +04:00)

Tehran, Iran, Sept. 24

By Milad Fashtami - Trend:

Iran has opened $300 million line of credit (LOC) for exports to Iraq.

The Secretary General of the Iran-Iraq Joint Chamber of Commerce Jahanbakhsh Sanjabi said that the Export Guarantee Fund of Iran has opened the line of credit, Iran's Mehr News Agency reported on September 24.

He went on to note that the Iranian government seeks to prevent exporting low-quality goods to the neighboring Iraq.

"Iran exported $2.2 billion worth of goods to Iraq in the first five months of the current calendar year (March 21 - August 23)," he said.

"Adding energy and electricity exports and tourist exchanges, Iran's total exports to Iraq in the mentioned period reaches $5.5 billion," he added.

Sanjabi went on to note that Iran's exports to Iraq has decreased compared to previous year, but the country has managed to expand its share of the Iraqi market due to lack of Turkish companies' firms.

"Iraq was always the fourth or fifth great trade partner of Iran, but security problems in the Arab country has increased the two country's trade so Iraq is now Iran's second trade partner," he added.