$20-m
credit line to Exim Bank Iran
Our Banking Bureau
22 March 2002
 Mumbai: Exim Bank
has extended a $20-million credit line to Exim Bank of Iran to
finance India’s exports to Iran.
An agreement in this regard was signed by Exim Bank executive
director R M V Raman and Bank Markazi (Central Bank of Iran)
director A Erfan and area manager N Falahatchian.
The facility, involving a
credit period of one year, will cover a 100-per cent value of
exports from India to Iran. Under the arrangement, any of the
designated Iranian banks — Bank Mellat, Bank Melli Iran, Bank
Sepah, Bank Saderat and Bank Tejarat — can open letters of
credit that will be advised and negotiated by Indian banks
designated by Exim Bank.
Exim Bank has designated
Bank of Maharashtra, Union Bank of  India and UTI Bank as the
advising/negotiating banks in India, which will be reimbursed by
Exim Bank.
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