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By Trend

Iran has signed a finance agreement worth 8 billion euros with South Korean Export-Import Bank (Exim Bank), the biggest deal following the implementation of Joint Comprehensive Plan of Action(JCPOA aka nuclear deal), which came into force in 2016.

Under the deal which was signed by head of Iranian Investment Organization Mohammad Khazaie and Exim Bank executive director Younghoon Chang, the two parties agreed to allocate an 8-billion-euro credit line between the two countries, Iran’s state-run IRINN TV reported Aug. 24.

Speaking on the sidelines of the signing ceremony Khazaie said that both state-run and private Iranian companies can use the allocated credit for their projects.

He added that 12 Iranian banks will act to allocate the credit to various companies under the agreement.

After the implementation of the nuclear deal between Iran and the world powers, which lifted sanctions on the Islamic Republic in 2016, Tehran assigned the task of attracting foreign investment to a committee at the Ministry of Finance and Economic Affairs.

The agreement witch finalized today is one of the products of the committee.

Besides the Exim Bank, Korea Trade Insurance Corporation (KSURE) is also expected to insure 5 billion euros for projects in Iran.

Iran has already signed a contract on financing a railway project worth $1.7-billion with Exim Bank of China.

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