Iran pays off debt to German Hermes insurance firm

Berlin, June 19, IRNA – Iran’s Ambassador to Berlin, Ali Majedi, said on Sunday that Iran paid off debts to Hermes insurance firm.

He said that the debts amounted to about 500 million euros, adding that the payment cleared the way for resumption insurance services for Iranian exports to Germany.

Majedi said in a joint press conference with IRNA and IRIB that the insurance line will resume from Tuesday serving as a prelude to cooperation of the German banks with Iran.

He said that negotiations with Hermes insurance company have started since nine months ago in cooperation with the Central Bank and other financial institutes.

Hermes insurance company, which extends insurance coverage to Iranian exports encouraging the German banks to normalize banking ties with Iran.

He said that the OECD investment risk will be lowered to five from seven degrees by the weekend.

The ambassador said that Iran decided to use the Hermes insurance services for at least two to three projects until 2017.

Majedi acknowledged that German Chancellor Angela Merkel extended invitation to President Hassan Rouhani to visit Germany.

To another question on outcome of Foreign Minister Mohammad-Javad Zarif’s Berlin visit, Majedi said the visit mainly focused on regional cooperation, including the Middle East, Iraq, Syria, and Yemen.