Karafarin Bank & Ober Bank Sign Agreement

A foreign loan agreement with a one billion Euro credit line was signed between Karafarin Bank and thirteen other Iranian correspondent banks on the one hand, and Ober Bank of Austria on the other. This agreement which is to provide long-term finance, was signed in the city of Linze-Austria.
This agreement was signed on 21 September 2017 in the presence of Seyed Ahamad Eraghchi, Central Bank of Islamic Republic of Iran’s Deputy Foreign Currency, Mohammad Khazayee the Chairman of Organization for Investment Economic & Technical Assistance of Iran, Abdollah Molayee the Iranian ambassador in Austria, representatives of Iranian banks as well as Frances Gasleburge the manager of Ober Bank, Public Relations reported.
This is the first financing agreement between Iranian and European banks following the Joint Comprehensive Plan of Action and it is designed to help develop the Iranian economy. Austrian resources shall be allocated towards private and public sector civil and production projects.
Prior to this agreements, Karafarin Bank together with another eleven Iranian correspondent banks signed the biggest foreign finance agreement with an eight million Euro credit line with K-Exim Bank, in Seoul. This agreement was also to provide long-term finance.