IRAN NEWS ECONOMIC DESK

TEHRAN – Head of Finance Management for International Affairs of the Export Development Bank of Iran (EDBI) says the third line for transfer of electricity to Armenia will be designed, manufactured, installed and launched in the next six months.

Mr. Kamran Razavi said the third line of electricity transfer from Iran to Armenia will be a dual-400 kilowatt circuit network with the length around 275 kilometers and it will be designed, manufactured and launched along with power transfer stations in the next six months.

He said that the project with the investment around $83m euros has been financed by EDBI in form of buyer’s credit, adding that this unique banking tool has been only offered by this bank in the national banking system which is considered a strategy for penetration into the export market targets.

Pointing to the launch of the project of the third line for transfer of electricity to Armenia, Razavi said the project with the budget around $83m euros has been financed by the bank and it will come on stream in six months.

He added that finance in form of buyer’s credit is one of the successful methods of financing by the banking system in the current condition, adding that buyer’s credit is one of the basic facilities whose technology is in hands of famous Exim banks in the world and in Iran, and, EDBI is the only bank in Iran which offers such a service, in line with its duty of supporting the exports and easing the process for trade exchange in the macro-economic level, to the banks and foreign buyers of Iranian goods and technical and engineering services.

Rezavani added that in fact EDBI has implemented one of the methods common in the advanced countries as well as conventional and normal facilities which dominate the national banking system which is mainly aimed at financing the exporters.

He then pointed to the trend of signing the contract for this project, adding that due to strategic economic ties between Iran and Armenia especially Armenia’s position in link of Iran’s electricity network to Eurasian and European countries, this project is very important and was signed between EDBI and its Armenian counterpart.

He reiterated the project for transfer of Iran’s electricity to Armenia guarantees Iran’s electricity exports to other Eurasian Union states and it is an important step in winning the export markets in this region.

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IRAN NEWS ECONOMIC DESK

He reiterated that having export-oriented approach is of the prerequisites for developing infrastructures of exports, adding that the bank, regarding its support of exports entrepreneurs, has paid great attention to the major petrochemical, steel and mining companies while nano sector is one of the capacities that the country can have devise plans for the nano products infrastructure,

He went on to say that ranking fourth in the world in nano products is another proof for the capability of this sector for strong presence in the world market.

Salehabadi added that knowledge-based companies need at first to adjust their activities with the regulations of the bank in order to have more effective interactions between bank and the companies.

He also called for signing a MoU between the bank and the INIC in order that all affiliated companies can adjust themselves with the regulations of the bank through education and training.

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