Head of Iran Foreign Investment Company (IFIC) said that Egypt and Iran will create a joint bank in Tehran for the first time, Mehr News Agency reported.
The new bank will be a branch of the Misr Iran Development Bank (MIDB).
IFIC head Mehdi Razavi told Mehr News Agency that last year MIDB transferred funds worth $50 million to Iran.
According to Razavi, it is planned to expand activity of the new bank created by the two countries.
Iran and Egypt's diplomatic relations have been suspended since 1979.