Brazil will allocate $1.2 billion through the Brazilian Development Bank to businesspeople wishing to work with Iran to maintain ties in the face of US sanctions.
The government of Brazil is to allocate $1.2 billion for maintaining its considerable economic and trade ties with Iran in the face of reinstated US sanctions.
According to the Latin American nation's ambassador to Iran, the allocation of funds, to be handed out to Brazilian businesspeople wishing to work with Iranian counterparts, is in the "final stages".
"This credit is to be allocated by the Brazilian Development Bank," Rodrigo de Azeredo Santos was also quoted as saying by the website of Iran Chamber of Commerce, Industries, Mines and Agriculture on Sunday.
"But since this credit is only related to goods and services other than agricultural products, the capacities of other banks must be tapped in the agriculture sector," he added.
Santos was addressing a joint meeting of Iranian and Brazilian representatives.