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23 Aug, 2018 11:20

EU agrees €18mn development aid for Iran

The European Union agreed €18 million ($20.6 million) in aid for Iran on Thursday, including for the private sector. This could help offset the impact of US sanctions and salvage a 2015 deal that saw Tehran limit its nuclear ambitions. The bloc’s foreign policy chief Federica Mogherini said the EU was committed to cooperation with Iran. “This new package will widen economic and sectoral relations in areas that are of direct benefit to our citizens,” she said. The announcement is part of the EU’s high-profile efforts to support the nuclear accord that US President Donald Trump abandoned in May. It is also part of a wider package of €50 million earmarked for Iran in the EU budget, Reuters said. The EU is working to maintain trade with Iran, which has threatened to stop complying with the nuclear agreement if it fails to see the economic benefits of relief from sanctions.