Collateral for Exporters of Engineering Services

EghtesadOnline: Iran’s resources deposited in foreign banks could be used as collateral by exporters of engineering services in their international tender bids, a member of Tehran Chamber of Commerce, Industries, Mines and Agriculture’s board of representatives said.

News ID: ۷۷۸۰۶۰

31 July 2017

“A portion of Iran’s oil revenues is being deposited in foreign banks with low interest rates … to help solve problems facing exporters,” TCCIM’s website also quoted Hamidreza Salehi as saying on Saturday.

The official said currently, $200 billion worth of projects are estimated to be in 58 countries.

Salehi claimed that exporting techno-engineering services could earn $20-30 billion annually, though the government’s support is a prerequisite for achieving the goal, according to Financial Tribune.

In May, Mohammad Reza Ansari, chairman of International Consultants and Contractors Association of Iran, said about $2 billion worth of technical and engineering services were exported from Iran since the implementation of the nuclear deal in January 2016 up until the beginning of the current fiscal year (March 21).

Earlier this month, Trade Promotion Organization of Iran announced that it has allocated €250 million from the resources of the National Development Fund of Iran to be deposited in foreign banks for guaranteeing technical and engineering services’ exports.

Salehi believes that the amount is not sufficient, “but it is good for starting the plan”.