Iran, Iraq, and Turkey sign bank agreement

Business Materials 29 July 2011 12:08 (UTC +04:00)

Azerbaijan , Baku, July 29 / Trend / D.Khatinoglu/

Iran , Iraq and Turkey signed an agreement to establish an international bank, the Fars News Agency quoted Secretary General of Iran Chamber of Cooperative Hossein Rahmani Nia as saying.

"Representatives of three countries signed the bank establishment agreement to solve problems around investment deals between these countries", he said.

Rahmani Nia noted that the central branch of this bank would be placed in Iran and lateral branches may be established in Iraq and Turkey.

"The worth of the establishment of the international bank agreement is $200 million", he said.

The volume of the Iran-Turkey business transaction will exceed $15 billion by late 2011, Fars News Agency quoted Iran's Ambassador to Turkey Bahman Hosseinpour as saying.

The volume of trade between two countries reached $11 billion last year. Iran and Iraq's trade turnover was $6 billion in 2010.