Media Wire

German Official: Iran’s Debt Clearance Opens Path for Future Activity

By paying off the export debt to Germany, Iran will open new paths to renewed trade ties between the two countries, said the German Economy Minister on Monday June 20, Bloomberg reported.

“This is a further important step to revive our economic relations,” Sigmar Gabriel, the German Economy Minister and vice chancellor, said in a statement.

Gabriel said the payment will allow Germany to re-establish credit guarantees that support exports to Iran. The Iranian government had declined to fulfil all its credit obligations while it was subject to sanctions, some of which were lifted in January, the ministry said.

Clarifying the outstanding debt was a key element in re-establishing trade links with Iran as German businesses pushed to increase ties. The Economy Ministry had previously said Iran owed about €500m ($567m). German export credit guarantees last year supported €25.8bn in exports worldwide.

IFP Media Wire

Reports and views published in the Media Wire section have been retrieved from other news agencies and websites, and do not necessarily reflect the opinion of the Iran Front Page (IFP) news website. The IFP may change the headlines of the reports in a bid to make them compatible with its own style of covering Iran News, and does not make any changes to the content. The source and URL of all reports and news stories are mentioned at the bottom of each article.

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