Iranian, South Korean banks sign co-op deal

Business Materials 30 June 2016 14:04 (UTC +04:00)

Baku, Azerbaijan, June 30

By Fatih Karimov – Trend:

The Export-Import Bank of Korea (Korea Eximbank) signed a memorandum of understanding (MoU) with Iran's Bank of Industry and Mine for boosting mutual economic cooperation, the Iranian bank’s website said.

Under the deal, the parties agreed on financial cooperation in key sectors of industry and business as well as financing projects in the areas of natural resources, gas, oil, petrochemical, infrastructure, renewable energy and transportation.

Last September Eximbank signed an agreement worth $5 billion with the Organization for Investment, Economic and Technical Assistance of Iran to finance health and medical treatment projects, as well as building a number of hospitals in Iran.

Based on the deal each project will be implemented within three years, and the finance will be repaid over the course of 10 years.

South Korea has established a special support center for businesses to enter the Iranian market in its effort to revive full economic relations with Tehran.