TEHRAN -- In 1999, the ANZ Banking Group celebrates 25 years of uninterrupted presence in Iran. From 1974, Grindlays had been fully represented in Tehran until 1984 when ANZ purchased the assets of Grindlays. The Group has had a full office for 25 years and enjoys a first-class relationship with the Central Bank, commercial banks and a host of government ministries.

In 1997, ANZ signed a USD 50 Million short-term refinancing agreement with the Central Bank of Iran. This was followed in April 1998 by the signing of a USD 250 Million Framework Agreement with five Iranian commercial banks for the provision of long-term project related finance where OECD Export Credit Agencies are providing cover. Last year ANZ concluded an AS$ 74 million 12 year export credit facility for National Iranian Copper Industries Company (NICICO). The facility, which will be provided through Bank Tejarat and guaranteed by Ministry of Economic Affairs and Finance (MEAF), will be used to finance a major expansion of NICICO's copper smelting capacity at Sarcheshmeh site in Kerman Province. Tomen Australia and BHP Engineering Australia have signed a contract for the expansion works and consequently the export credit facility will be guaranteed by Export Finance and Insurance Corporation (EFIC), Australia's official export credit agency.

Work on the project is expected to commence shortly. The export credit facility is the first long-term export credit to be supported by EFIC in Iran and demonstrates ANZ's and EFIC's continued commitment to supporting important trade relationship in the region.