India’s Exim Bank to open $150M line of credit for Iran

Business Materials 23 December 2014 14:45 (UTC +04:00)

Tehran, Iran, Dec. 23
By Milad Fashtami - Trend:

The Export-Import Bank of India has agreed to open a $150 million line of credit for Iranian banks.

The agreement was signed between the head of Exim bank and representatives of Iranian banks in New Delhi, Iran's IRNA News Agency reported on Dec. 23.

The Iranian delegation consisted of representatives of the Central Bank of Iran, Ministry of Economic Affairs and Finance, as well as Saman, Pasargad, Parsian, Karafarin, Eghtesad Novin, and Keshavarzi banks.

Iran's Ambassador to New Delhi Gholamreza Ansari said that the LC line will be used for purchasing technical and engineering services.

"The LC line will be used only for buying Indian services," he said.

"Iranian businessmen active in different fields, including steel, railway, mines, and chemical fertilizers can benefit from the agreement since India has expertise in the mentioned sectors," Ansari explained.