The Organization for Investment, Economic and Technical Assistance of Iran (OIETAI) issued a statement announcing that the payment of the eight-billion euro credit of the South Korean Exim Bank was in line with Irans proposed projects, and the text of the contract, prior to its implementation, should be approved by the Cabinet of Ministers and the private sector can use it too.
(SHADA: TEHRAN) -- Following the initial talks with the Central Bank of the Islamic Republic of Iran, OIETAI, and the Exim Bank of Korea to provide facilities for the construction of a hospital in our country in 2014 (during the sanctions era) a memorandum of understanding worth €5 billion was signed between the two countries in the field of health and building hospitals.
Following the elimination of unfair sanctions, the negotiation between OIETAI and the Central Bank, and also the possibility of using this facility for other sectors of the country, including roads, power plants and etc., the credit rose from €5 billion to €8 billion and was signed in Seoul in August 2017.
The 12 Iranian agent banks include the Export Development Bank, Parsian, Eghtesad Novin, Pasargad, Refah Kargaran, Saman, Sepah, Bank of Industry and Mine, Meli, Melat, Tejarat and Karafarin.
Both the public sector (after approval by the Economic Council for each project) and the private sector (after the necessary steps) can use the credit line.
After issuing a guarantee, each project that has completed the internal legal process and provided the necessary documentation will be introduced to the South Korean Exim Bank, and then a "project contract" with the agent bank and a "commercial contract" with the Korean bank will be signed for each project.