Austria’s Oberbank signed the Iran finance deal worth €1 billion with 14 Iranian banks Thursday in Vienna.

The Austrian finance is set to be used for development of civil and production projects in Iran, Central Bank of Iran’s website reported.

Karafarin Bank, Saman Bank, Bank Refah, Bank Mellat, Tejarat Bank, Bank Melli Iran, Bank of Industry and Mine, Bank Sepah, Middle East Bank, Export Development Bank of Iran, EN Bank, Bank Keshavarzi, and Parsian Bank will act as the agent banks providing public and private sector with financial support. This is to be considered as the start of European countries, entering Iran Finance.

Alongside, the French bank, BPI is to grant 500 million euro annually to French projects without risking the U.S. fine them, since the bank has no operation with America. It is a good news to both Iranian and French companies, because after the removal of the sanctions, there has been numerous companies of both countries that are signing agreements of cooperation.