Iran’s National Development Fund (NDF) signed a €50 million credit line agreement with Kyrgyzstan on Sunday.As reported, the credit line will be made available through a bank selected by the exporter, enabling Iranian exporters of technical and engineering services to finance their projects in Kyrgyzstan.The agreement was signed by Mehdi Ghazanfari, Chairman of the NDF Executive Board, and Bakyt Sydykov, Kyrgyzstan’s Minister of Economy and Commerce.Potential doubling of the credit lineOn the sidelines of the signing ceremony, Ghazanfari announced the possibility of doubling the credit line to €100 million, depending on project performance.He recalled that nearly two years ago, the two sides signed an initial memorandum of understanding in Bishkek, under which €50 million in financing was earmarked for buyers of Iranian technical and engineering services.He added that Kyrgyz authorities were expected to identify low-risk, high-return projects and propose them for implementation by Iranian companies."This investment has two main benefits; on the one hand, it contributes to Kyrgyzstan's economic growth through the implementation of construction projects, and on the other hand, it activates the production chain in Iran, as Iranian contractors will be required to use Iranian goods and equipment", the official reiterated.Ghazanfari said that during Sunday's meeting, the two sides agreed to re-establish a joint investment committee to oversee the projects.Referring to the need for high quality projects, he added: "The quality of project implementation is very important for the National Development Fund. We are seeking to create a mechanism where real representatives of the Iranian private sector, who prioritize national interests, are present in the joint committee so that the interests of the two countries are properly protected."Ghazanfari stated that the goal is to fully absorb the first 50 million euros by 2025, and if successful, the second 50 million euros will also be allocated, adding: "Exporting technical and engineering services will not only generate foreign currency for the country, but will also develop factories and create jobs."In response to some concerns about investing the fund's resources abroad, the official said: "These foreign currency resources return to the country along with the profits, and this process not only does not harm domestic needs, but also strengthens domestic production by developing the export of technical and engineering services." (ICE TEHERAN)

Fonte notizia: Tehran Times