Baku, Azerbaijan, Sept. 7
By Fatih Karimov - Trend: The Export-Import Bank of Korea (Korea Eximbank) signed an agreement worth $5 billion with the Organization for Investment, Economic and Technical Assistance of Iran (OIETAI).
The agreement aims to finance health and medical treatment projects, as well as building a number of hospitals in Iran, the OIETAI reported on September 7.
Saeed Khani Oshani, an official with OIETAI said that each project will be implemented within three years, and the finance will be repaid over the course of 10 years.
The agreement is to be finalized in coming months.
South Korean companies are seeking to tap the Iranian market after the recent opening in the wake of last month's nuclear agreement.
Iran was South Korea's sixth largest partner for sales of industrial products before 2011 when sanctions reduced bilateral trade.
South Korea has established a special support center for businesses to enter the Iranian market in its effort to revive full economic relations with Tehran.
Meanwhile, investment delegations from 10 European countries are to visit Iran by the end of this year, Director of Iran's Trade Center in the EU Shahrokh Mirza Hosseini said August 29.
He said Iran has drafted two-way guaranteed investment deal with many European countries as well as MoUs on mutual tax exemption.
Expecting the removal of economic sanctions on Iran, many European trade delegations have visited Iran in recent months.
The sanctions are expected to be removed according to a deal made between Tehran and the group P5+1 (the US, UK, France, Russia, China, and Germany) on July 14.
Edited by CN