The Export-Import Bank of Korea plans to provide nine-point-four billion U.S. dollars in credit to the Central Bank of Iran.
 
Iran’s state-run Islamic Republic News Agency said a framework agreement on the credit line was signed between the two banks on Thursday. 

The IRNA said the loan deal is the largest of its kind to be clinched by Iran since international sanctions were eased on the country in January of last year.
 
The credit will be used to support South Korean companies that receive orders for government-sponsored projects under guarantee from the Iranian government. As a result, South Korean companies that were seeking to make inwards into Iran’s development projects are expected to see a huge obstacle removed in terms of financial concerns.
 
Though Iran’s market is considered to be a “blue ocean,” most firms that had received orders had to raise funds to carry out projects. The task of raising funds had been difficult because the U.S. had slapped financial sanctions on Iran.