Iran, India to Open Unlimited Credit Line
TEHRAN (Tasnim) – An Iranian official in India announced the opening of an unlimited credit line between an Indian bank and eight Iranian banks.
Based on the agreement between Export-Import Bank of India and eight public and private banks in Iran, Iranian companies can use the credit line to provide technical and engineering goods, equipment, and services, Iran’s Ambassador to India Reza Ansari said.
“There is no limit over the use of this credit line,” Ansari stressed, but at the same time noted that $150 million is allocated for the use of Iranian companies in the first phase. “Once the funding is over, the credit line will be extended,” the Iranian ambassador added.
The bulk of the credit line will be dedicated to infrastructural, railway, and mining projects, said Ansari.
In past few years, India and Iran have been working toward developing energy and economic cooperation. India is among Asia’s major importers of energy and relies on Iran to meet a portion of its energy demand.