Economy, Business And Markets

$400m Turkish Credit for EDBI

$400m Turkish Credit for EDBI$400m Turkish Credit for EDBI

Turk Eximbank will open a $400 million credit line for the Export Development Bank of Iran to import raw material and support investments in projects, Ali Salehabadi, the EDBI chief executive, said on Monday.

“The credit for importing raw material would be repaid in two years, while the investment credit will be settled within seven years,” quoted him as saying.

EDBI and Eximbank, at a meeting of the Iran-Turkey Joint Economic Commission in Ankara earlier this month had agreed to facilitate the Turkish bank's investments in Iran.

“We are currently finalizing the contract, which will be signed in three months,” said Salehabadi, adding that his bank is also interested in providing credit for Iranian companies wanting to export to the neighboring country.  Eximbank is fully owned by the Turkish government and is a major player in Turkey’s export drive. EDBI is a state-owned bank, which provides financing and risk management services to exporters and investors.