Setting up joint fund on D-8 meeting agenda in Tehran

Business Materials 21 January 2013 15:19

Azerbaijan, Baku, Jan. 21 / Trend F.Mehdi /

Setting up a joint investment fund by the Developing-8 Group is on the agenda for a meeting being held in Tehran, the Fars News Agency quoted the D-8 secretary general Ali-Mohammad Mousavi as saying.

The establishment of the joint fund was proposed by Iran in 2010, he said, adding that it would greatly contribute to the expansion of infrastructures in the member states.

Iran has also proposed the establishment of a joint bank with the Developing-8 Group of countries, according to the Mehr News Agency.

Proposing the idea of establishing a joint bank between the D-8 countries, Iranian Central Bank Governor Mahmoud Bahmani noted that it would be necessary for such a bank to use other currencies rather than the USD or Euro.

According to Bahmani, the trade volume between the D-8 countries was estimated at $24.5 billion, while in 2011 this figure grew up to $71 billion.

The Developing 8 (D-8 or Developing Eight) are a group of developing countries with large Muslim populations that have formed an economic development alliance.

It consists of Bangladesh, Egypt, Indonesia, Iran, Malaysia, Nigeria, Pakistan, and Turkey. The objectives of D-8 Organisation for Economic Cooperation are to improve member states' position in the global economy, diversify and create new opportunities in trade relations, enhance participation in decision-making at international level and improve standards of living.