Iran's IPC in 1 billion euro loan with western banks

Published May 30th, 2001 - 02:00 GMT

FRANKFURT, (Reuters) - Deutsche Bank AG said on Tuesday a consortium of banks had agreed to increase a financing package for Iran's National Petrochemical Co to 1.032 billion euros ($882.8 million). 

 

The agreement, which stocks up a 550 million euros loan package agreed in June last year, will be used to finance major investment projects in Iran, the bank said in a statement. 

 

Deutsche Bank is heading a 20-strong consortium of international banks to provide the loan, which will be used mainly to finance contracts with engineering companies from the European Union.  

© 2001 Mena Report (www.menareport.com)

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