German, Iranian Banks to Cooperate

The Iranian Bank of Industry and Mines and the German KFW Development Bank have agreed to cooperate extensively after the removal of the sanctions, Ali Ashraf Afkhami, chairman of the board of directors and managing director of Bank of Industry and Mine told a conference of economic and financial opportunities in Frankfurt, Germany.

So far, capable German companies, which have the experience and technical knowledge, have traveled to Iran and they will cooperate with our country in various industrial fields, such as petrochemical, automotive and new technologies, he stated.

KFW is a development and state-owned bank that 80% of its shares belong to the central government and 20% to local governments, Afkhami added.

Besides being active in the field of infrastructure projects, KFW also supports small industries active in export.

Pointing to the positive conditions of Bank of Industry and Mine for participating in the international arena, Afkhami said: KFW development bank announced its readiness to work with us to implement infrastructure projects in the country.

KFW grants about 20 to 30 billion Euros in loans to large, medium and small industrial units, especially to its country’s economic infrastructure sectors which is very similar to the performance of the Bank of Industry and Mine, he noted.

Afkhami further said that the senior officials of the bank have agreed with KFW to introduce Iran’s priority projects via the Bank of Industry and Mine and to establish credit lines.

(Source: Ministry of Economic Affairs and Finance)

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