(ISNA) The Export Development Bank of Iran will soon start its work in Algeria.
This branch would be established in Algeria so to decrease the two countries' problems on the way of trade and banking connections, said Iran's ambassador to Algeria, Hussein Abdi Abiane .
Iran-Algeria rate of exchange in a not very satisfactory condition has reached 20 million dollars. That is while only Turkish passengers have exported 400 million dollars to Algeria.
Algeria with 80 billion dollars foreign exchange reserves, no foreign loans and a 150 billion dollar budget for reconstruction was in great need of technical and engineering services and also various sorts of goods, Abiane added.
Unfamiliar market and domestic strife in Algeria seem to be the main reasons which have prevented the two countries' trade improvement up to now but currently Algeria has a stable and good situation for more trade.
Iran is recently after allocating a bigger share of the Algerians' market to itself through expansion of economic ties.
In this regard Iran's president in his recent trip to Algeria has signed economic agreements with Algerian officials including air transportation.