Iran, Italy LOC to offer facilities

TEHRAN, Jan. 12 (MNA) – Deputy Director of International Finance Department of the Central Bank of Iran introduced the 5 billion euro Iran, Italy financing agreement and added that conditions for receiving facilities from this line of credit are better than the National Development Fund.

Deputy Director of International Finance Department of the Central Bank of Iran Hamid Ghanbari referred to the signature of the agreement on a 5 billion euro line of credit (LOC) from Italy to Iran and added “government, the private sector and the public sector can use this line of credit and it does not belong to any specific industry.”

“Applicants for using these facilities can refer to the agent branches of Bank of Industry and Mine and the Middle East Bank,” he said, adding that other banks will soon enter the cycle of offering the said facilities.

“The public sector needs license from the High Economy Council in order to be able to use these facilities, and the private sector, according to priorities, needs the approval of the respective ministry,” Ghanbari added.

Ghanbari stated that the applicants for these facilities are parties to deals with Iranian banks, satying "they submit their collateral to Iranian banks and repay the banks in euros."

Deputy Director of International Finance Department of the Central Bank of Iran said “these facilities are allocated to independent projects.”

BS/4197381

News Code 131168

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