BELARUS NEWS AND ANALYSIS

DATE:

15/08/2007

3 Banks To Open Minsk Branch

Iran Daily

Three state-owned Iranian banks are set to open a joint bank in Belarus, Mehr reported on Tuesday.

Refah, Saderat and Export DevelopmentExport Development Export Development Bank of Iran banks will jointly launch a branch in the East European country to overcome some of the challenges facing exports development between Tehran and Minsk.

Refah Bank will have the biggest share in the joint financial institution.

The ongoing Eighth Iran-Belarus Economic Commission Meeting is expected to expedite the process of setting up the bank.

The meeting, headed by Iran's Minister of Commerce Masoud Mir Kazemi and Belarus Industry Minister Anatoly Rustesky, began in Tehran on Tuesday.

Recalling the earlier agreement between two countries to launch an Iranian bank in Belarus, Mir Kazemi expressed hope that the meeting would help speed up the establishment of such financial institution.

The minister contended that such bank would play a major role in boosting trade ties between two countries, IRNA reported.

Stressing that Iran and Belarus has many commonalities in international and political fields, he said that both countries are willing to boost economic ties as well.

Rustesky, for his part, stated that agreements signed by Tehran and Minsk would help both sides attain their joint economic objectives.

Both sides are hopeful that the meeting would help Tehran-Minsk trade reach one billion dollars per annum.

Also, the two countries are negotiating on implementing projects, worth about $1.5 million, in the meeting which wraps up today.

Source:

http://www.zawya.com/Story.cfm/sidZAWYA20070815064002/secIndustries/pagFinancial%20Services

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