India Raises Iran Credit to $450m
Economy, Domestic Economy

India Raises Iran Credit to $450m

India's cabinet on Wednesday raised a credit line to Iran to $450 million as New Delhi aims to boost trade ties with Tehran after the lifting of international sanctions.
The credit line, to be extended by the country's lending arm for the export of goods and services, will help in supplying steel rails to Tehran, Routers reported in a dispatch.
State-run Steel Authority of India Ltd and private firm Jindal Steel and Power Ltd have signed a deal with Iran to supply 250,000 tons of steel rails worth 17 billion Indian rupees ($255 million) in 2015.
But supplies have not begun pending New Delhi's finalizing of the credit line.
India's Exim Bank and a consortium of Iranian banks led by the Central Bank of Iran struck a deal in 2014 for financing exports from India worth 9 billion rupees.
The increased credit line will help Indian companies gain a foothold in Iran, the government said in a statement.
In February, India approved a $150 million credit line for the development of Iran's Chabahar port.

Short URL : http://goo.gl/iv2ifR
  1. http://goo.gl/9yCSts
  • http://goo.gl/F6zZq6
  • http://goo.gl/OSO3Ov
  • http://goo.gl/qWMZ2s
  • http://goo.gl/uFK7mL

You can also read ...

How China Became Iran’s Coziest Trade Partner?
From bilateral trade to finance contracts and civil projects,...
The economy of the Islamic Republic of Iran has been tied to political and foreign affairs developments over the years.
This is the Financial Tribune’s last edition of the current...
Iranian Banking Sector Awaits Full JCPOA Benefits
Iran’s Deputy Foreign Minister Abbas Araqchi addressed various...
President Hassan Rouhani on Sunday spoke to reporters after the last Cabinet meeting of the current year.
President Hassan Rouhani on Sunday outlined his administration...
Iran has more than 37 billion tons of proven mineral reserves and 57 billion tons of potential reserves.
Iran exported more than 58.09 million tons of mineral products...
All-Out Growth in Interbank Market
The Central Bank of Iran has released its latest data on the...