<p dir="LTR"><span>TEHRAN TIMES - Oberbank, one of Austria's biggest banks, has allocated a $1 billion ($910 million) line of credit to finance investment projects in Iran, Austria's finance minister announced in a meeting with his Iranian counterpart in Tehran on Sunday.</span></p> <p dir="LTR"><span>"Negotiations between the two countries' central banks have also been finalized while there are a number of Austrian banks interested in establishing correspondent relations with Iranian banks," Hans Jorg Schelling was also quoted as saying by Shada, the official news service of Iran's Economy Ministry.</span></p> <p dir="LTR"><span>Jorg is leading a high-ranking Austrian delegation consisting of government officials and major Austrian banks and companies' representatives, who have traveled to Iran to promote bilateral trade, expand economic relations and resolve banking issues.</span></p> <p dir="LTR"><span>Iran's Economy Minister Ali Tayyebnia pointed to his last year's meeting with Jorg in Vienna and called for speeding up the process of boosting economic relations.</span></p> <p dir="LTR"><span>During the meeting, the two ministers agreed on implementing changes in their trade laws to avoid paying extra taxes and expand customs collaborations in line with the European Union regulations.</span></p>