58924
The EDBI is holding negotiations with the Export-Import Bank of India, Eximbank of Russia and another unnamed Russian bank.
The EDBI is holding negotiations with the Export-Import Bank of India, Eximbank of Russia and another unnamed Russian bank.

Iran's Eximbank Opens Credit Lines for 3 Countries

The Export Development Bank of Iran will grant credit lines to three Asian banks in either euro or the currencies of target countries
Two credit lines collectively worth €175 million will soon be approved for two South Korean and Turkish banks

Iran's Eximbank Opens Credit Lines for 3 Countries

The Export Development Bank of Iran will soon grant credit lines to banks in South Korea, Turkey and Iraq, announced the bank's chief executive.
"Two credit lines collectively worth €175 million will soon be approved for two South Korean and Turkish banks," Ali Salehabadi was quoted as saying by IBENA.
He added that €100 million have been considered for the Export-Import Bank of Korea or Korea Eximbank, while Turk Eximbank will receive €75 million.
The official stressed that the credit lines are not in US dollar and will be issued either "in euro or currencies of the target countries".
Salehabadi also announced that an $18 million credit line will be opened with an Iraqi bank, saying the credit line aims to expand Iran's exports to the neighboring Arab country and "if other Iraqi banks meet the capital adequacy ratio, we are ready to allocate more lines of credit to that country".
"This way, Iranian exporters can cash in their exports through this credit line and the Iraqi bank will repay it over a period of two years," Salehabadi said. "All the best exporters, namely 82% of top-notch exporters in the country, are our clients."
He further noted that EDBI is holding negotiations with Export-Import Bank of India, Eximbank of Russia and another unnamed Russian bank. 
"We are now in the phase of doing the paperwork," he added.
According to the official, the bank has also signed memorandums of understanding with the Indonesia Eximbank and the Eximbank of Hungary.

Loan Performance 

Salehabadi said EDBI's financing of small- and medium-sized enterprises (SME) has been one of the main focuses of the Central Bank of Iran during the current fiscal year.
"During the first 10 months of the year (March 20-Janaury 19), 198 of the ailing SMEs received 3.884 trillion rials ($100.4 million) in capital from the bank," he said.
During the same period, he added, the exim bank allocated 4 trillion rials ($104.6 million) to "various export-oriented manufacturing sectors with a 5% interest subsidy" following an agreement with the Ministry of Industries, Mining and Trade. 
Based on the agreement, the bank will also dole out "loans worth 10 billion rials ($261,500) and 20 billion rials ($523,000) to these industries to meet their working capital needs". 
As reported by Salehabadi, EDBI has allocated 38.433 trillion rials ($1 billion) worth of loans in the 10 months to Jan. 19, which registers a 10% rise in working capital loans. 
"But loans allocated to certain schemes have declined because one of the policies approved in the shareholders' meeting of the bank was to increase working capital loans," he said.
"The remaining foreign exchange deposits of EDBI equal $1.320 billion, which marks a 150% increase when put up against the corresponding period of last year."
Salehabadi noted that the remaining rial deposits of the bank have reached 16.908 trillion rials ($442.1 million), marking a rise of 84%.
According to the official, the bank's letters of credit stood at 2.95 trillion rials ($77.14 million) by the end of the 10th month, registering another considerable rise of 587%.
In conclusion, Salehabadi put the total value of credit lines opened at EDBI at "about $500 million" and payment orders at $2.7 billion.

Short URL : https://goo.gl/S7HrT1
  1. https://goo.gl/g0LFKo
  • https://goo.gl/ywT9ra
  • https://goo.gl/l1ncIm
  • https://goo.gl/i6Z1TT
  • https://goo.gl/mQgtod

You can also read ...

Effects of Sanctions on Food Consumption of the Poor
It is now clear that the purpose of US sanctions against Iran...
New Online System to Monitor Warehouses Countrywide
All warehouses in Iran are required to register in the so-...
Optimism Over Prospects of Iran Stocks Performance
The latest Consensus Earnings Report shows the price to...
New Iranian Company Repairs Passenger Wagons
Novin Sanat Raja Company, a subsidiary of Raja Railway...
Sanctions, Banking Troubles Facing Iranians in Hong Kong
Banking for companies that do business with Iran–as well as...
TEDPIX Gains 2,718 Points
Tehran Stock Exchange’s main index gained 2,718.23 points or 2...
CBI Moves to Sideline USD
As part of the latest measure to ditch the US dollar from the...
Saqqez Airport to Be Ready  in 2 Years
The construction of Saqqez Airport, located 266 kilometers...

Add new comment

Read our comment policy before posting your viewpoints

Trending

Googleplus