TEHRAN - Norway has opened a line of credit worth €1 billion aimed at funding development and infrastructure projects in Iran.

The Export Guarantee Fund of Iran and the Norwegian Export Credit Guarantee Agency signed three deals in the presence of Iran’s Foreign Minister Mohammad Javad Zarif with his Norwegian counterpart Borge Brende in Tehran on Wednesday.

The two sides underscored collaboration in all spheres of economy and trade, particularly in monetary and banking areas, Iran’s Foreign Ministry said in a statement following a meeting between the two ministers.

“After the lifting of sanctions, good opportunities have emerged for cooperation and Norway is ready to utilize the post-deal situation to expand cooperation in various fields,” Brende said, AFP reported.

A landmark deal between Tehran and world powers, which was signed in July last year and came into force in January, saw many international sanctions on Iran lifted, reopening the country’s economy to a stream of investments across a range of industries including financial services, consumer electronics, and renewable energy, according to fDi Markets. 

The primary investing countries in Iran during this period were South Korea and Germany, which together have a capital expenditure of $2.15 billion. 

Iran has attracted $5.168 billion in foreign direct investment after the implementation of the nuclear deal, government spokesman Mohammad-Baqer Nobakht said on August 8.

MG/MG