Norway opens $1b credit line to facilitate exports to Iran

Near 400 million dollars of that credit line has been used to export the modern technologies to Iran, Brende said in a meeting with the Iranian Minister of Finance and Economic Affairs Ali Tayyebnia.

The meeting was held on the sidelines of the 2016 Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group in Washington D.C. on October 7-9, reports IRNA.

Iran is a good trade partner due to its political stability and economic growth, Brende added.

Brende said his country encourages the Norwegian companies, banks and financial institutes to cooperate with Iran.

He added that DNB as Norway's largest financial services group is due to be active in Iran's market.

For his part, the Iranian minister said Tehran is willing to widen relations in different economic areas with Oslo.

Tayyebnia hoped that hindrances on the way of bilateral cooperation would be removed in near future.

Oil, gas and fisheries are among the issues on which Oslo and Tehran can focus, Tayyebnia said. 

In sanctions era, the presence of the Norwegian oil companies had been faded away, Tayyebnia said hoping that the two would resume cooperation as the anti-Iran sanctions were lifted in January, 2016.

Then, he stressed importance of implementation of mutual agreements in order to promote the level of bilateral cooperation.

Tayyebnia further described the banking cooperation as an important issue to facilitate trade exchange.