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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He noted that last year the U.S. pullout of the JCPOA created a shock in the market which destabilized the market because nobody expected such a move but fortunately, the market gradually recovered.

Salehabadi reiterated that new proper policies on the forex were adopted in compliance with the current condition, adding that some directives and regulations were under preparation last year and it had created an uncertainty  in the market.

He added that last year major systems and portals of economic bodies like the Central Bank, the Customs Administrative and Trade Promotion Organization were linked together and it will continue this year for more integrity in the trade system.

He said that one of the good measures which was taken last year was the return of earned forex g from the exports to the country and if any exporter does not return the forex to the system he would be dealt properly and be referred to the Judiciary.

Salehabadi also stated that the rial banking system was strengthened last year which was an important factor for return of stability to the forex market.

He also reiterated that one of the important measures which was taken last year was to control trade of forex as well as easing deposit of forex in the banks.

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He added that but today nobody should doubt that non-oil exports should bring its forex revenues back to the trade cycle in the country.

Salehabadi noted that by a glance at the statistics, one can find out that the volume of imports in the country is between 40 to 50 billion dollars, adding that of course sanctions will decrease the figure. He asserted that statistics show that the volume of non-oil exports is over 40 billion dollars, adding that even if the country fails to export its oil, it should be able to provide enough money for its imports through non-oil exports.

He emphasized that in the current condition, the only way for earning forex is via non-oil exports. Salehabadi went on to say that of course demands of exporters should be taken into consideration and policies should meet their demands, too.

He also asked for a revision over the regulations and laws for compulsory return of exports revenues, adding that the policy and regulations have disappointed exporters.

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In some part of the plaque of appreciation, the minister hailed the bank for providing services to the war-disabled of the country, adding that it is because of efforts and management of Dr. Salehabadi.

In the ceremony, Hojjatoleslam Saghafi expressed hope the bank would continue its services to the war-disable veterans and retain its top position in the rankings.

EDBI also won the award last February.

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He went on to say that transparency is the other advantage of entering the Fara Bourse and those companies which are out of Fara Bourse lack transparency.

He added that EDBI is ready to provide the companies with necessary security in order to join the bourse. He reiterated that this policy can strengthen the resources of the production unity.

Salehabadi said that prompting to pay the dues is an advantage comparing to other advantages, adding that prompting to pay the dues is the credibility of a customer.

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He pointed to the link of the Central Bank, Trade Promotion Organization and the Customs Administration portals, adding that all hurdles have been removed and they are now linked, and earmarking the forex for imports is controlled.

Saleh Abadi added that rise in forex price in the market was the other factor for instability last year but this year we do not see any considerable jump in forex price.

He also reiterated that one of the other factors for instability in the forex market was the psycho climate resulted from the sanctions, adding that this climate has been balanced because it has lost its psychological pressure.

He pointed to the forex priorities of the country like food, pharmaceuticals and raw materials for factories, adding that the country should balance supply and demand in order to pass from this critical condition safely.

He reiterated rial source is in good condition and access to the forex source due to timely measure is good for the bank and exporters.

Saleh Abadi also called for a change in consumption habits in the country.

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