Iran looks to increase banking ties with Africa

Business Materials 16 November 2017 13:36 (UTC +04:00)

Baku, Azerbaijan, Nov. 16

By Khalid Kazimov – Trend:

Export Development Bank of Iran is expected to establish its first corresponding relation with South African banks in near future.

Ali Salehabadi, the head of Export Development Bank of Iran, said his country has, so far, failed to establish corresponding relations with South African banks, Iraneconomist news website reported.

Saying that South Africa is expected to introduce a bank to Iranians in near future, he added that Iran's officials are currently following up on the issue.

He added that there are talks underway to create ties with two banks in Uganda as well.

Salehabadi also touched upon Iran’s banking ties with Nigeria and said the sides have agreed to establish SWIFT relations with a state-run bank of the African country.

The official eventually expressed his dissatisfaction with the low volume of trade ties between Iran and African countries, urging for a boost in ties.