EU opens EUR 80 bn credit line for Iran SMEs!
– In an attempt to cover Iran from the US JCPoA pullout, the EU is to give Iran access to an EUR 80 bn worth of credit through EIB entity. EIB is a specialized risk management entity which backs the European small to medium-sized enterprises (SMEs). The knowledge enterprises and small businesses of Iran (Iran SMEs) are the main targets of this credit line. As another solution to preserve Iran nuclear deal, the EU has also updated its blocking statute annexe on this deal, which protects EU firms against US punishment for entering into business with Iran; this statute will come into force on August 6th 2018 concurrent with the first series of US sanctions are due.