Austria's Oberbank on Thursday signed a credit deal with Tehran to boost exports to Iran, the first European lender to do so since sanctions were eased following a 2015 nuclear pact with world powers.

Oberbank said the framework agreement will finance Austrian investment projects in Iran's infrastructure, healthcare and plant construction sectors.

"We are proud to be the first European bank to have reached this framework agreement after a year and a half of intense negotiations," Franz Gasselsberger, the director general of the regional bank in Upper Austria, said in a statement.

The deal was "highly anticipated by Austrian exporters", he said.

"Our clients have numerous projects in the pipeline, which can now be implemented."

According to Iran's central bank, the contract is worth one billion euro ($1.2 billion) and will benefit 14 Iranian banks.

"The Austrian bank's resources will be allocated to finance authorised state and private infrastructure and production projects," the Tehran-based central bank said in a statement published on its website.

Oberbank, which continued to maintain relations with Iran even while international sanctions were in place, said it was "prepared" in case the US pulled out of the landmark nuclear deal -- something US President Donald Trump has threatened to do.

Under the deal signed between Tehran and six world powers, Iran agreed to curb its nuclear programme in exchange for the relief of crippling economic sanctions.

But Trump has called the pact negotiated under his predecessor Barack Obama "worst deal in history", and threatened to pull out if Iran does not face greater controls on its missile and nuclear programs.

Many European banks have remained wary of penalties from Washington for resuming business with Iran.

Oberbank increased its net profit by 8.9 percent to 181 million euros in 2016, with total assets worth 19.16 billion.

It owns a 26-percent stake in the Italian UniCredit bank.

phs/nla/spm

UNICREDIT

Tweet

Russian oil company says it sent the U.S. its largest ever oil shipment
Washington (UPI) Sep 20, 2017
In its largest maritime shipment to date, a Russian oil company said it dispatched nearly 2 million barrels of oil from an Iraqi oil field to the United States. Russian oil company Gazprom Neft, which operates the Badra field in southern Iraq, said the 1.78 million barrels dispatched to the United States on the New Solution tanker represents the largest maritime shipment ever to a forei ... read more

Related Links
All About Oil and Gas News at OilGasDaily.com

Thanks for being here; We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain. With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords. Our news coverage takes time and effort to publish 365 days a year. If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceDaily Contributor $5 Billed Once credit card or paypal		SpaceDaily Monthly Supporter $5 Billed Monthly paypal only