$20-m credit line to Exim Bank Iran
22 Mar 2002
1
Our Banking Bureau 22 March 2002 Mumbai: Exim Bank has extended a $20-million credit line to Exim Bank of Iran to finance Indias exports to Iran. An agreement in this regard was signed by Exim Bank executive director R M V Raman and Bank Markazi (Central Bank of Iran) director A Erfan and area manager N Falahatchian.
The facility, involving a credit period of one year, will cover a 100-per cent value of exports from India to Iran. Under the arrangement, any of the designated Iranian banks Bank Mellat, Bank Melli Iran, Bank Sepah, Bank Saderat and Bank Tejarat can open letters of credit that will be advised and negotiated by Indian banks designated by Exim Bank.
Exim Bank has designated Bank of Maharashtra, Union Bank of India and UTI Bank as the advising/negotiating banks in India, which will be reimbursed by Exim Bank.
