Page 23 - bne IntelliNews Country Report: Iran Dec17

Austria’s Oberbank signs its anticipated €1bn finance deal with 14
with its South Pars gas deal , plane builder Airbus as well as automakers Peugeot, Citroen and Renault.
Last month, Austria’s Oberbank signed a major finance deal with over a dozen Iranian banks based on which it is to provide €1bn in credits to Austrian companies investing in the Iranian economy. Oberbank’s push into Iran was followed almost immediately by the announcement of a similar agreement involving Denmark’s Danske Bank. It said it would arrange finance of €500mn. Denmark’s Eksportkredit fund (EKF) has, meanwhile, stated that it is to back Danish firms developing projects in Iran.
The Industrial Development and Renovation Organisation of Iran (IDRO) and the Russian Trade and Economic Development Council (RTEDC) on September 19 signed a memorandum on expanding cooperation across the rail, oil, gas and renewables industries, according to Iran Student News Agency.
The past year has seen Iran and Russia ramp up cooperation with several Russian investments made in multiple sectors including developing new nuclear power blocks and upgrading ageing rail infrastructure.
According to the fresh agreement, Russia has agreed to finance of $2.5bn for the production of freight and suburban passenger railway carriages in Iran.
On September 12, Russia’s state-owned Vnesheconombank (VEB) signed a contract with Iran’s Bank of Industries and Mines (BIM) to finance a thermal power plant in southern Hormozgan province costing €1.2bn. That contract is part of a larger financing package pushed forward by Moscow to facilitate development in Iran over the next several years.
23 IRAN Country Report November 2017 www.intellinews.com