The first bank contract with Europe after JCPOA

The first  bank contract  with Europe after JCPOA
ID : N-348 Date : 2017/09/23 - 11:50

(Persia digest)-  European banks sign their first post-JCPOA contracts with Iran, whereby the Austrian Oberbank and Danish Danske Bank will be providing credit lines to Iran for the sum of one billion and half a billion euros respectively.

Korea Eximbank had previously loaned eight billion euros to Iran. Twelve Iranian banks benefited from this loan as parties to the contract and called this big loan the starting point for banking relations between Iran and the world. Iran and China also signed a USD 10BN contract and a 15BN euro MoU in the last week of September. The USD 10BN contract was signed between five Iranian banks and the CITIC Trust Corporation of China. The funds from this contract are to finance Iran's development and production projects.

Following in the footsteps of large Asian Banks, European banks are also lending money to Iran. The Austrian Oberbank is at the heart of Europe, also active in neighboring countries. This is the first contract signed with European banks after the nuclear agreement (JCPOA) to finance Iranian banks. At the signing ceremony, Oberbank CEO Franz Gasselsberger said that the Iranian economy is attractive for Austria and Europe, because Iran has a young population and hence great opportunities ahead; we must lay the grounds for a win-win situation for Iran and international companies, but at the same time we must not forget the political aspects.

Apart from Austria, Denmark has also committed to a finance deal with Iran when Danske Bank signed a contract for half a billion euros, making this the second European contract after the JCPOA nuclear deal was signed between Iran and the Big Five.  Danske Bank has branches in 16 countries

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