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Tehran Approves Russian-Iranian Bank Proposal

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The bank will initially focus on investment in bilateral trade and other joint economic projects.

President of Russia Vladimir Putin, right, and President of the Islamic Republic of Iran Hassan Rouhani - Sputnik International
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MOSCOW (Sputnik) — Iran approved the Russian proposal to establish a bank for investment in joint economic projects, a deputy co-chair of the Russian-Iranian intergovernmental commission said Wednesday.

"It [the establishment of the bank] could be done very soon, depending on technical issues and how they could be resolved," Mehdi Mohtashemi told RIA Novosti.

"The initial capital will, probably, total $500 million. The capital could be increased when the cooperation in trade and joint projects grows," Mohtashemi stressed, adding that the bank will initially focus on investment in bilateral trade and other joint economic projects.

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