Hungary’s Eximbank opens €85mn LOC to EDBI

TEHRAN, Feb. 10 (MNA) – At a meeting between Iranian and Hungarian banks, Export-Import Bank of the European country agreed to open an 85-million-euro Line of Credit (LOC) to Export Development Bank of Iran (EDBI).

A meeting of governors and representatives of Hungarian banks and Central Bank of Iran (CBI), Sina Bank, Shahr Bank and Export Development Bank of Iran (EDBI) was held in Budapest aiming at investigating venues for launching banking ties between the two countries.

The session was also attended by Iran’s Minister of Economy Ali Tayebnia who stated “reaching desirable volume of economic turnover is subject to banking relations between the two countries.”

“It has been agreed that a Memorandum of Understanding (MoU) for regulatory cooperation be signed between central banks of the two sides,” he continued.

Also, Hungarian Export-Import Bank (Eximbank) allocated a Line of Credit (LoC) worth 85 million euros to Export Development Bank of Iran (EDBI) in a bid to elevate volume of bilateral economic cooperation.

Iran’s Economy Minister Tayebnia has travelled to the Hungarian capital of Budapest to take part at the first session of Iran-Hungary Joint Economic Commission.

The commission aims at developing cooperation between Iran and Hungary in different fields and boosting bilateral economic ties.

HA/3902162

News Code 123433

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