Austria's Oberbank signed a 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.

The contract was signed during Iranian delegation's visit to Austria headed by Ahmad Araqchi, CBI's deputy for foreign exchange affairs and Mohammad Khazaei, deputy minister of economy.

Oberbank is Austria’s seventh-biggest lender, with a balance sheet of roughly €20 billion ($24 billion).

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