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Iran, Turkey, Iraq ink $200m deal to establish joint bank
July 29 2011
TEHRAN - Iran, Turkey, and Iraq have signed a memorandum of understanding to invest $200 million to establish a joint bank.
The MOU was inked on Thursday on the sidelines of the Tehran international construction fair (Confair 2011), the Fars News Agency reported.
The agreement is meant to facilitate capital flows in economic transactions between the three nations.
The central branch of the bank will be located in Tehran, but Turkey and Iraq will also be allowed to open branches.
On Friday on the sidelines of Confair 2011, the Turkish ambassador to Tehran said the value of trade between Iran and Turkey has surpassed $11 billion over the past year.
Ambassador Umit Yardim added that the two neighboring states are trying to increase the volume of their trade to $15 billion annually by the end of 2011, IRNA reported.
Yardim also said that Tehran and Ankara plan to elevate the value of their bilateral trade to $30 billion annually in the next five years “by using their regional capabilities.”
Iranian First Vice President Mohammad Reza Rahimi previously said that Iran and Iraq have agreed to make efforts to increase the volume of their bilateral trade to $20 billion in the near future.
“We agree to increase the value of mutual economic and trade exchanges, which is expected to reach $10 billion by the end of the current year, to $20 billion in the near future,” Rahimi told reporters in Baghdad on July 7, Press TV reported.
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July 29 2011
TEHRAN - Iran, Turkey, and Iraq have signed a memorandum of understanding to invest $200 million to establish a joint bank.
The MOU was inked on Thursday on the sidelines of the Tehran international construction fair (Confair 2011), the Fars News Agency reported.
The agreement is meant to facilitate capital flows in economic transactions between the three nations.
The central branch of the bank will be located in Tehran, but Turkey and Iraq will also be allowed to open branches.
On Friday on the sidelines of Confair 2011, the Turkish ambassador to Tehran said the value of trade between Iran and Turkey has surpassed $11 billion over the past year.
Ambassador Umit Yardim added that the two neighboring states are trying to increase the volume of their trade to $15 billion annually by the end of 2011, IRNA reported.
Yardim also said that Tehran and Ankara plan to elevate the value of their bilateral trade to $30 billion annually in the next five years “by using their regional capabilities.”
Iranian First Vice President Mohammad Reza Rahimi previously said that Iran and Iraq have agreed to make efforts to increase the volume of their bilateral trade to $20 billion in the near future.
“We agree to increase the value of mutual economic and trade exchanges, which is expected to reach $10 billion by the end of the current year, to $20 billion in the near future,” Rahimi told reporters in Baghdad on July 7, Press TV reported.
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