S Korea opens €100mn LOC for Iranian producers

TEHRAN, Feb. 04 (MNA) – EDBI head said South Korea had allocated a Line of Credit (LOC) worth 100 million euros for imports of raw materials manufactured in Iran.

Ali Salehabadi, Managing Director of the Export Development Bank of Iran (EDBI), pointed to arrival of a cargo for equipment of Chabahar Port Phase one saying “Indians are extremely eager to make presence in the Iranian port and the Leader has also urged inclusion of sustainable development of Mokran Shores in the Sixth National Development Plan.”

“Cargos worth 350 million dollars have been received for development of Chabahar port in partnership with EDBI,” he added.

The official stressed that micro, small and medium-sized enterprises (SMEs) and industries had been provided with large amounts of export facilities.

He asserted that an MoU had been inked with Indonesia Eximbank (IEB) for exchange of information and cooperation; “a similar agreement has been signed with Hungary and an 18-million-euro credit line has been prepared for expansion of exports to Iraq.”

Salehabadi emphasized that EDBI held 100% of the shares among top exporters as well as that 82% of distinguished exporters were clients of the bank; “furthermore, the international ranking of Export Development Bank of Iran has improved by two spots over the past two years.”

“The ranking exerts effects on EDBI’s interactions with foreign banks as more credit can be obtained from them,” noted the official.

EDBI chairman said the bank was seeking to allocate LOCs in other countries so that foreign customers will be able to purchase Iranian products without facing payment difficulties; “presently, we hold euro credit lines with Russian and Armenia.”

Salehabadi also touched upon allocation of a 100-million-euro credit line by South Korea for imports of raw materials produced by Iranians saying “also, a deal with Turkey over a 75-miilion-euro LOC has been finalized.”

At the end of his remarks, EDBI managing director deemed Brazil as a target market for Iranian products concluding “brokerage relations have also been formed with six African banks.”

HA/3896221

News Code 123255

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