TEHRAN -- Iran's Bank Sepah opened letters of credit (L/Cs) worth $144,339,000 for industrial and manufacturing units between March 21 and November 6, according to the Public Relations Department of the bank.

Bank Sepah had in the same period received applications for credits to the tune of $868.702 million for 278 projects, IRNA reported.

The bank approved allocation of $282.293 million credit for 98 projects out of the total. Contracts are yet to be concluded for implementation of 58 projects totally worth $144.239 million.