PARSIAN BANK of IRAN OBTAINS US$30 MLN LINE of CREDIT (from Germany's 'Hermes' insurance)

IRNA ^ | December 14, 2005

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PARSIAN BANK of IRAN OBTAINS US$30 MLN LINE of CREDIT

December 14, 2005

TEHRAN, Dec 14 Asia Pulse - The Parsian Bank of Iran was the first of its in the country to obtain on Monday a 25 million euro (US$30 million) line of credit from Germany's 'Hermes' insurance.

Parsian can now use financing from first-rate European banks up to a ceiling of 25 million euros, its public relations department said Monday.

It has also obtained a medium and long-term financing line from a German bank for 100 million euros with the guarantee by Iran's economy and finance ministry.

In another development, the Bank secured two lines of credit from Italian and French banks for five million euros which it could use if Economy and Finance ministry approves the deal.

The chairman of Majlis' Industries and Mine Commission said here last month that with the authorization granted by the arbitration body, the Expediency Council (EC), for foreign financing of projects, problems associated with the use of foreign capital to fund projects have been removed.

Mostafa Sayyed Hashemi said that the Majlis, after nine months, has finally been able to obtain the approval of the EC on the issue of foreign financing.

He said the Guardians' Council (GC) had initially raised objections to foreign participation in strategic projects, saying this could contravene religious tenets.

However, he said it has been convinced that the current economic environment calls for foreign investment to generate growth and development and, hopefully with the removal of this problem, implementation of industrial projects which have been bogged down, will resume, the MP added.

[neodad]

Sure glad the EU is cracking down on Iran.

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pong

[F14 Pilot]

They seem to have the highest interest rate in Iran though