Austrian Bank Opens $1b Credit Line for Iran

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.

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.

"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.

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.

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.

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.

Jun 12, 2017
Tehran Times |