TEHRAN -- The Export Development Bank of Iran (EDBI) said it will offer foreign exchange facilities to Iranian importers of Indian investment goods and related services from the Export-Import Bank of India (Exim Bank).

According to the accord, Iranian buyers of investment goods and related services can use the maximum financial credit of 85 percent of the total value of the imported goods provided they observe the EDBI requirements and procedure.

The Credit Committee of the EDBI must approve the plan and then obtain the permit of the related ministry in charge of allocating the financial credit of foreign banks.

The Iranian bank will then send the necessary information to Exim Bank at early as possible after complying with the Central Bank of Iran's official banking procedure.

If the Indian bank agrees to support the plan financially, the two banks will sign a subsidiary contract that will entail Exim Bank to bear a maximum of 85 percent of the documents' cost and a maximum 100 percent of the export insurance premium.

Iran's Melli, Mellat, Saderat, Sepah, Tejarat, and Industry & Mine banks are among other parties in the Exim Bank of India accord.

The Export-Import Bank of India is a public sector financial institution created by an act of the Indian Parliament, the Export-Import Bank of India act of 1981, IRNA reported.

The business of Exim Bank is to finance Indian exports that open foreign exchange earnings for India.

The bank's primary objective is to develop commercially viable relationships with a target set of externally oriented companies by offering them a comprehensive range of products and services aimed at enhancing their internationalization efforts.

The Export Development Bank of Iran was established on July 10, 1991 with a paid-up capital of 50 billion rials. Its objective is to open outlets for expansion of the country's non-oil exports as well as economic and commercial interchanges with other countries.