TEHRAN - Iran and Belarus has opened 50 million euros credit lines to boost bilateral trades, an official with the Trade Promotion Organization (TPO) of Iran said here on Monday.
The Islamic Republic of Iran Broadcasting quoted Abdolhamid Asadian as saying that, "the Export Development Bank of Iran has dedicated a 50 million euro credit line for exports from Iran to Belarus."
According to the official, Belarus will also provide a similar credit line worth of 50 million euros for Belarusian firms interested in import and export activities with Iran. The credit line from Belarus is to be provided by Belarus Bank.
The Export Guarantee Fund of Iran and Trade Capital Bank of Belarus have also signed a memorandum of understanding.
Based on the signed MOU, the facilities offered by the Belarusian bank for trade activities with Iran would be increased to $40 million.
The central banks of Iran and Belarus signed three cooperation deals to expand economic cooperation on November.
Iranian Central Bank Governor Mahmoud Bahmani said in November that from now on Iran and Belarus will use their own currencies for the mutual trade.
Iran will arrange training courses for Belarusian specialists to teach them Islamic banking, he added.
Also according to the MOUs, the two countries decided to connect their automated teller machines (ATM) networks.
Iran will also mint Belarusian coins.
Petr P. Prokopovich Chairman of the Board of the National Bank of the Republic of Belarus said the agreements will help consolidate economic relations between the two countries.
He stated that hopefully Belarus will open a Belarusian bank in Iran as Iran established two banks in Belarus. Thirty two foreign banks with a total capital of over $4 billion are working in Belarus.
The National Bank of Belarus registered Iranian banks the 'Onerbank' and 'Trading Capital Bank (TC Bank)' respectively in October 2009 and December 2008