News / Economy

Norway offers €1bn in credit to Iran

Wednesday, 17 August 2016 3:57 PM [ Last Update: Wednesday, 17 August 2016 6:18 PM ]

Norway’s has offered Iran an export credit line of €1 billion. (IRNA)

Iran says it has been offered a major export credit line by Norway worth €1 billion in what could be a fresh indication of Oslo’s determination to expand relations with the Islamic Republic in post-sanctions era.

The two countries have signed an agreement to the same effect after a meeting between the visiting Norwegian Foreign Minister Borge Brende and his Iranian host Mohammad Javad Zarif in Tehran, Iran’s IRNA news agency reported.

The agreement was part of a total of three agreements that the Export Guarantee Fund of Iran and the Norwegian Export Credit Guarantee Agency signed to fund some of Iran’s key development and infrastructure projects.

"After the lifting of sanctions, good opportunities have emerged for cooperation and Norway is ready to utilize the post-deal situation to expand cooperation in various fields," Brende has been quoted as saying by IRNA in a report that was also carried by AFP.

The report added that Brende and Zarif had also discussed the expansion of economic relations between Iran and Norway in different areas, particularly in monetary and banking sectors.

Brende will Tehran for Islamabad later in the day. Apart from Zarif, he is scheduled to meet several other top Iranian officials during his single-day stay in the Islamic Republic. They included President Hassan Rouhani, Petroleum Minister Bijan Zangeneh, Parliament Speaker Ali Larijani, and Secretary of the Supreme National Security Council Ali Shamkhani.

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