Managing Director of Iran’s Bank of Industry and Mine (BIM) Ali Ashraf Afkhami voiced his bank’s readiness to support development petrochemical projects in Iran after the sanctions’ removal.

Addressing a specialized panel meeting at the 12th Iran Petrochemical Forum (IPF2015) in Tehran on Monday, Afkhami said the bank has financed numerous projects in Iran over the course of the previous years and is ready to expand its cooperation with the sector in the post-sanctions period, Shana reported.

‘Financing development projects in the country are vital after the sanctions removal and banks do play a crucial role in this regard. BIM is willing to underwrite petrochemical projects in the post-sanctions setting,’ said the banker.

He said risks of investment in the country must minimize after the sanctions’ removal to clear the way for its entrance to the global competitive investment market.

Iran is excellent for attracting investments and enjoys massive infrastructures by which a monumental change can take place in the country, he added.

‘We (the BIM) will be a leading supporter of new investments as Iran can bridge the Middle East to Europe,’ the BIM CEO said.

He said BIM seeks transparent business atmosphere where a wholesome banking system can be run.

Iran has 67 half-finished petrochemical projects up for grabs with 20 to 90% physical progress which are planned to come on-stream based on a schedule, he added.

Some 97 foreign companies from 25 countries have participated in IPF2015 which shows an increase of 120 percent compared to IPF2014.

More than 15,00 representatives from domestic and foreign firms including Australia, Azerbaijan, Canada, Denmark, France, Germany, Japan, the Netherland, Russia, and US are taking part in the event.

Participants in the IPF2015, one of the world’s most prestigious events representing the petrochemical industry, are discussing the core issues that the industry is facing with the emphasis given to Iran.