Islamic Republic News Agency

Iran’s minister of industry and mines on Sunday called for raising the level of Iran-Cuba credit line to 500 million euro.

Speaking On the sideline of the Iran-Cuba joint cooperation committee meeting in Tehran, Ali Akbar Mehrabian noted that a credit line of 200 million euro has been ratified for Cuba.

Referring to the value of bilateral contracts, Mehrabian called for an increase in the credit line to 500 million euro.

Referring to the increasing trend of bilateral economic cooperation, he put the value of the two countries’ economic accords at 231 million euro of which 200 million euro is in circulation.

Pointing to bureaucracy as a main obstacle to expansion of two countries’ ties, Mehrabian noted that Iranian officials always have emphasized the need for removal of red-tape.

The minister also expressed hope that by eliminating bureaucracy, bilateral ties would further expand.