The Export Development Bank of Iran and Mellat Bank in Armenia opened a two-year credit line with a limit of €5 million ($5.54 million), to boost trade with the neighboring country. Ali Saleh Abadi, head of EDBI, said the credit would help Iranian exporters meet their financial needs, EDBI website reported. He added that Armenian customers can all on Mellat branches in that country for more details. Mellat Bank Armenia, established in 1992, is a subsidiary of Bank Mellat Iran in Yerevan. Earlier this month, EDBI allocated €83 million ($92.1 million) for an Iran-Armenia electricity supply contract, covering 80% of the total funding for the project.
