TEHRAN, July 18 (Xinhua) -- The European Union has established an 80-billion-U.S. dollar fund to give credit to small and medium enterprises doing business with Iran, an Iranian official said on Wednesday.

European authorities are interested in resisting U.S. restrictions on cooperation of European countries with Iran, said Mohammad-Hossein Adeli, former secretary general of the Gas Exporting Countries Forum, according to Tehran Times.

According to Adeli, who was the governor of Iran's central bank from 1989 to 1994, the Iranian companies can also apply for loans and budget from the fund.

Pointing to a recent summit held in Brussels on Iran-Europe cooperation, he said European leaders have stressed that they are determined to preserve their economic ties with Iran.