11 April 2018 - 16:46

Iran-Europe Bank Launches 30 Million euros Credit Line

Head of the International Affairs of Export Development Bank of Iran said 30 million euros has been allocated to the bank by signing a direct short term finance contract (re-finance) with the commercial bank of Iran-Europe Hamburg (Eihbank).
News ID : 84423

Hamid Reza Maboudi stated that the credit line has been dedicated to the Export Development Bank of Iran to provide financial resource for importing goods and services, adding customers can use the re-finance credit line by observing the regulations of opening import Letter of Credit and announced circumstances.

He said there is a 6-month repayment period for basic and necessary goods, medicine and medical equipment and also one-year repayment period for required raw materials based on 75/2 percent and 75/4 percent interest rates respectively, plus 2 percent is calculated as a commission.

Head of the International Affairs of Export Development Bank of Iran went on to say that obtaining required documents for opening the LC includes forms, commitments, contracts, warranties and guarantees in accordance with the terms of Act, opening written documents in euro with a maximum maturity of 6 months, currency purchase in respect of the advance payment of credit sum, transaction of documents and payment to the foreign sellers is considered aother procedural steps for using the credit line.

The official mentioned that using the facilities is just limited to European sellers such as German or non-German which is done by previous coordination with the Finance and Investment- International Affairs Management Office of the Export Development Bank of Iran.

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