(MENAFN- Trend News Agency ) Tehran, Iran, Sept. 18
By Mehdi Sepahvand - Trend:
Some European banks are going to provide lines of credit (LCs) to Iran in a few days, Trend has found out. The move will put an end to European banks' fear of US penalties on ties with Iran.
"There are a number of LCs to be opened by European partners in the coming days, a move in cooperation with the Central Bank of Iran and the Investment Department of the Ministry of Economy," Abbas Daneshvar, the director of international affairs and resource mobilization at Iran's Bank of Industry and Mine, told Trend September 18.
The news comes close on the heels of a deal a few days earlier, according to which a Chinese state-owned investment firm provided a $10 billion credit line for Iranian banks.
European banks had remained wary of penalties from Washington for working with Iran since an international deal removed anti-Iran sanctions in January 2016.
But sources earlier said talks were at an advanced stage for $22 billion in credit deals with banks from Austria, Denmark and Germany.
China Development Bank also recently signed preliminary deals with Iran worth $15 billion for infrastructure and production projects.
Nevertheless, a couple of weeks earlier, an eight-billion-euro credit deal was signed between Iran and South Korea's Exim Bank, signaling an end to Iranian banking sector's isolation from the world.
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