UK Export Finance has resumed coverage of Iran, setting up a £50m ($72m) facility for consultants working with the Iranian government.

The facility covers “UK professional advisory service providers advising the government of Iran [on] accounting standards; capital market development; compliance with global regulatory requirements; accessing and reducing the cost of financing; and facilitating new trade.”

The export credit agency is resuming cover for UK businesses seeking work in Iran.

The cover will be available in UK pounds and euros on a case by case basis. US dollar transactions cannot be covered due to continuing US primary sanctions.

“The UK government fully supports expanding our trade relationship with Iran and we would encourage UK businesses to take advantage of the commercial opportunities that will arise from sanction relief,” said the Minister for Trade & Investment Francis Maude in a press release. “Following the reopening of the British Embassy in Tehran in August last year, UKTI [UK Trade & Industry] now has a presence on the ground to support trade between our 2 countries.”

UK Export Finance will work with the Export Guarantee Fund of Iran and the Iranian Ministry of Economic Affairs & Finance to increase trade.

Commercial banks are wary of undertaking any work related to Iran due to concerns over continuing sanctions preventing US persons and entities from facilitating business with Iran.

This will hinder the flow of much-needed finance and investment into Iran.

The EU committed to supporting trade with Iran as part of the nuclear agreement signed with Iran in July 2015.

Implementation Day took place on 16 January, with EU and UN nuclear sanctions completely lifted.