Credit Line for French Imports

Bank of Industry and Mine and the Paris branch of Tejarat Bank have signed an agreement for extending a credit line worth €25 million ($28.5 million) for importing goods from France.This line of credit has been established to provide capital to businesses. According to the agreement, Tejarat Bank’s branch in Paris has committed to finance 100% of the value of LOCs opened by BIM, IBENA reported.The annual interest rate is 2% and the financing period is one year from the issuance of shipping documents. Founded in 1979, Tejarat is the sixth largest bank in Iran. It currently has 1,800 branches across the country along with branches and offices in Dubai, Beijing and Dushanbe.  The lender also owns stocks in the Persia International Bank in the UK and Eihbank in Germany.In early February, Tejarat Bank’s CEO Mohammad Ebrahim Moqaddam announced that the bank has started offering services to French traders through its Paris branch “to help boost Iran-France commercial ties in the post-sanctions era”.