Tehran seeks better banking ties with Seoul, New Delhi

June 17, 2017

TEHRAN - Iranian Finance Minister Ali Tayyebnia met his South Korean and Indian counterparts in Seoul on Friday, discussing ways to improve banking cooperation between Iran and the two trade partners.

The meetings were held on the sidelines of the second annual meeting of the board of governors of Asian Infrastructure Investment Bank (AIIB), June 16. 

In a meeting with South Korean Finance Minister Yoo Il-ho, the two sides discussed opening credit lines by Iranian and South Korean banks and also establishing branches of Iranian banks in South Korea, IRNA reported on Saturday.

In a separate meeting with Indian Finance Minister Arun Jaitley the two sides stressed the need for facilitating the use of credit lines opened by the two countries’ banking sectors.

South Korea’s Exim Bank and Trade Insurance Corporation (K-SURE) are going to allocate €13 billion finance in total for Iranian projects. 

India’s EXIM bank has also promised $150 million credit for the development of the port of Chabahar, southeast Iran, through which India can bypass Pakistan and transport goods to Afghanistan and central Asia.

EF/MA

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