Norway opens $1-billion credit line for Iran

Borge Brende and Mohammad Javad Zarif signed three “export credit” deals aimed at funding “development and infrastructure projects”, Iran’s foreign ministry said in a statement.

Iran has struggled to tap international finance as many banks fear US penalties if they do business with the Islamic republic.

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 in exchange for curbs to its nuclear programme.

European countries have been keen to do business with one of the last frontier markets, but Washington has maintained sanctions related to Iran’s human rights record and missile programme.

“After the lifting of sanctions, good opportunities have emerged for cooperation and Norway is ready to utilise the post-deal situation to expand cooperation in various fields,” Brende said, according to the official IRNA news agency.

The Norwegian minister met other top officials during his one-day visit, including Supreme National Security Council secretary Ali Shamkhani, before leaving for Pakistan.