34438
Korea Bank Upgrades Iran Rank
Economy, Business And Markets

Korea Bank Upgrades Iran Rank

The Export-Import Bank of South Korea (Eximbank) announced Sunday it would upgrade Iran’s credit rating to C2 from C3, the sixth-highest on its nine-grade rating system.
A rating upgrade will increase the bank’s credit line to Iran, which reached $60 million last year from $1.44 billion in 2011, South Korea’s Yonhap News Agency reported.
The decision for raising its sovereign credit rating for Iran by one notch comes after the international community’s lifting of sanctions against Tehran on Sunday.
The United States and the European Union lifted their economic sanctions in return for Tehran’s progress in scaling down back its nuclear program.
The Exim Bank forecast the lifting of international sanctions will help the Iranian economy grow in the mid-4 % range this year. Tehran is also expected to resume investment in oil and gas fields, placing orders worth $60 billion this year alone, the lender added.
According to estimates by the International Contractors Association of Korea, $130 billion to $145 billion worth of plants, infrastructure and other construction projects will be offered to foreign investors in the coming years.
The Korea International Trade Association projects that Iran’s construction market will reach $154 billion in 2016, sharply up from $88.7 billion in 2013, the Korean Herald reported.
According to a recent survey by the Korea Trade-Investment Promotion Agency of 521 Iranian companies, 90 % of respondents said they plan to expand trade with Korean companies following the sanctions relief, citing reasonable price and quality of products.
South Korea is one of the biggest buyers of Iranian crude. Eximbank had earlier said it could offer project financing, loans and credit, and was also seeking to secure a memorandum of understanding with Tehran on building 10 hospitals in the country.

 

Short URL : http://goo.gl/Tmzirj
  1. http://goo.gl/GujApy
  • http://goo.gl/Z1NpcG
  • http://goo.gl/D4o3km
  • http://goo.gl/EotR1E
  • http://goo.gl/kWDQCQ

You can also read ...

At Tuesday's event, representatives from PwC hobnobbed with senior officials and business figures. - Photos by Saeed Ameri
PricewaterhouseCoopers, a leading multinational professional...
The busiest Iranian airport, Tehran’s International Mehrabad Airport, handles 400 daily flights on average.
An Iranian official said the country’s airport organization...
Melli Bank's Hong Kong Branch Restarts Operations
The Hong Kong branch of Melli Bank London PLC, a subsidiary of...
Production lines of Cherry ‘A5’ and ‘Qq’ along with Lifan X50 and X60 have been halted.
Production lines of four Chinese mid-range vehicles have been...
Fintechs Among Top Iranian Firms
No more than just a few years have passed since Iranian...
IKCO Says Planning  Green Cars
Iran Khodro says it will produce eco-friendly vehicles in the...
France Govt to Grant €70m for Development of Iranian Airports
The French Ministry for the Economy and Finance is planning to...
TEDPIX Hits 45-Month High
Tehran Stock Exchange’s main index jumped 497.90 points or 0....

Trending

Googleplus