"Austria’s Central Bank was among the first European banks that resumed its ties with Iran since Tehran struck a nuclear deal with six major powers in 2015," Karbasian said during a meeting with the head of Austria’s central bank, Shada news agency reported.

He added that Austria’s Oberbank has allocated a line of credit worth €1 billion and is financing several projects in the country.

Currently, a cancer treatment center is being built in Iran with the help of Oberbank, the minister said, adding that the development of an Iron ore project is also underway in the country.

This is while Austria’s Oberbank recently announced it will withdraw from Iran because of increased risk for European companies in light of new US sanctions.

"Oberbank has supported numerous clients and their Iran business in the past two years," Oberbank said On June 13.

It further said the threat posed to European companies by US secondary sanctions is forcing to retreat.

The Iranian minister concluded, "More than any time before, conditions for enhanced cooperation between Iran and Europe, particularly, Austria and its central bank have been created".

Masoud Karbasian arrived in Austria’s capital on Wednesday morning to attend the two-day ministerial Council meeting of OPEC Fund for International Development (OFID) on Wednesday and Thursday.

OFID is the development finance institution established by the member states of OPEC in 1976 as a channel of aid to the developing countries.

It works in cooperation with developing country partners and the international donor community to stimulate economic growth and alleviate poverty in all disadvantaged regions of the world.

The fund does this by providing financing to build essential infrastructure, strengthen social services delivery and promote productivity, competitiveness and trade.

Masaim Abdullayev,

“Khalq qazeti”