Tehran, Nov 28, IRNA – Managing Director of Exports Development Bank Ali Salehabadi said Iran and Armenia have agreed to open a credit line in a bid to grow exports between the two countries.

Talking to IRNA on Saturday, he said as Iran’s Mellat Bank is active in Armenia through its branch there, the opening of the credit line could help Iranian companies to export their products using the credit line.

As for the amount of the money belonging to the bank which is blocked outside the country, he said parts of the bank’s financial resources are inaccessible partly because of certain countries' inability to repay their debts and also due to sanctions.

He said the amount was about 200 million dollars parts of which will be repaid to the country after the removal of sanctions.

By IRNA