Iran Inks Bank Agreement with ECO

CBI – A bank agreement was signed between Iran and the Economic Cooperation Organization Trade and Development Bank in Ankara.

At the presence of Valioallah Seif, Iran's Central Bank's Governor, Hossein Yaghoubi, Iran's Central Bank's Director General of International Affairs, as a representative of the Islamic Republic of Iran and Burhanuddin Atakash, Deputy Bank of Development and Trade of the Economic Cooperation Organization, signed a bank deal.

The agreement determines the terms and conditions of ECO's representative office's activities in the Islamic Republic of Iran's territory.

Previously, similar agreements had been signed between ECO and Turkey's government as a host of ECO's Trade and Development Bank's central office and Pakistani government as a host of ECO Bank's representative office in Karachi.

The signature permission of the agreement had been given to Iran's Central Bank by the government cabinet's act before.

According to the Board of Ministers' act, the deal's process of enactment and implementation shall be done maximum within three years.

The bank agreement will come into effect after some legal procedures and being enacted by Iran's Parliament. Added point, it paves the path for the development of ECO Bank's activities in Iran.

It is expected that by implementation of the bank agreement, ECO Bank would have more influential presence in Iran to provide financial facilities for Iranian banks and grants finance to developmental projects in Iran.

Also ECO Bank can provide required financial infrastructure to have a key role in commercial development among the Economic Cooperation Organization's members.

Date : Tuesday 10 October 2017 / Subject : International News - Banking System News / Source : CBI