Just a few weeks after the agreement between the Italian Bank, Popolare di Sondrio, and Iran, a notable shift in activity between Iran and another EU country – Austria - can be noted as well.
Following the Tehran visit of Austrian Finance Minister, Hans Jörg Schelling, on 11th June it was announced that Austria has allocated a €1 billion credit line for a major steel production project in Iran.
Additionally, one of the biggest banks in Austria – OberBank - has allocated a $ 910 million line of credit for financing investment projects in Iran.
In addition to negotiations between the Ministers of Iran and Austria regarding updating the double tax treaty and expanding the customs collaborations, the central banks of the two countries have also finalized their negotiations, while other Austrian banks have shown interest to start correspondent relation with Iran.
European countries are obviously working on improving their relationships with Iran therefore also improving Iran's position in the international market.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
