Economy, Business And Markets

Saderat Opens $20b Credit Line for 6 Projects

Saderat Opens $20b Credit Line for 6 ProjectsSaderat Opens $20b Credit Line for 6 Projects

Bank Saderat has opened a 662.93 trillion-rial ($20.3 billion at market exchange rate) credit line to finance six national development projects.

Saderat is financing the projects in foreign exchange. The Tehran-based lender is giving a total of €788 million and 28.9 billion Chinese yuans to finance the projects in energy and base metal industries, IRNA reported. The total credit is worth 662.93 trillion rials.

The projects include building a power plant in Kermanshah and another in Yazd, creating a methanol producer in Bushehr by Siraf Energy, producing aluminum bars by South Aluminum Company, financing methanol production by Sabalan Petrochemical Company and producing steel rebars in Hamedan.

Saderat is one of the largest banks in the Middle East and has 28 international branches providing services in 12 countries. It was picked as one of the top 10 most active companies in Tehran Stock Exchange, but the government still owns most of its shares.

As the largest listed lender in terms of nominal capital in Iran, analysts are expecting it to hold its top position on the list and continue to outperform other banks in profitability in future, if banking sanctions against the Iranian banking system are lifted.