Norway has opened a $1 billion credit line for Norwegian companies’ exports to Iran, a senior official said in a report.

Norway’s Foreign Minister Borge Brende said that about $400 million of that credit line has been used to export modern technologies to Iran, during a meeting with Iran’s Minister of Finance and Economic Affairs Ali Tayyebnia, added the Iran Daily News report, citing Irna.

The meeting was held on the sidelines of the recently concluded 2016 Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group in Washington DC, US, it said.

He further noted that Norway encourages its companies, banks and financial institutions to cooperate with Iran.

The official also revealed that DNB, Norway’s largest financial services group, is due to be active in Iran’s market.

The Iranian finance minister said Tehran is willing to expand relations in different economic areas with Oslo, added the report.