HSBC signs ECGD loan to Iran to finance carbon monoxide plant
HSBC Investment Bank plc has signed an export credit loan facility guaranteed by the Export Credits Guarantee Department (ECGD) of the UK, to the value of $33.6 million with Bank Tejarat, Iran. This is the first loan between a bank and an Iranian borrower directly guaranteed by ECGD to be signed since the resumption of ECGD medium term cover for the Iranian market.
The credit is to finance a carbon monoxide plant awarded by National Petrochemical Company, Tehran to Snamprogetti Limited of the United Kingdom. Carbon monoxide is used in the chemical industry as a synthesiser in the production of chemicals such as methanol, hydrogen and acetic acid and as a building block in the production of a range of plasticisers, solvents and detergents.
John Richards, senior representative for HSBC in Iran, said “The resumption of export credit cover for Iran by the UK is an important step, which needs to be fully supported by the international banking community. The HSBC Group's long association with Iran and international presence puts us in a strong position to partner companies around the world in strengthening their business interests with Iran, which in our view offers considerable potential in the medium to long term.”
HSBC Bank Middle East is the largest international bank in the Middle East with 31 branches throughout the United Arab Emirates (UAE), Oman, Bahrain, Qatar, Jordan, Lebanon, and the Palestinian Autonomous Area, including an offshore banking unit in Bahrain.
This extensive regional coverage is strengthened by another member of the HSBC Group HSBC Bank Egypt SAE, and by its associated companies, The Saudi British Bank and British Arab Commercial Bank Limited. In addition to its Middle Eastern network, the Bank has a branch in London, UK and a representative office in Tehran, Iran.
HSBC Bank Middle East is a principal member of the HSBC Group which, with some 7,000 offices in 81 countries and territories and assets of $696 billion as at 31 December 2001, is one of the world's largest banking and financial services organizations. — (menareport.com)
© 2002 Mena Report (www.menareport.com)