Iran, India call for boosting credit lines

News ID: 4007872 -
TEHRAN, Jun. 18 (MNA) – Economy ministers of Iran and India met in Seoul and examined ways to facilitate the use of credit lines.

Iran’s Economy Minister Ali Tayebnia is staying in South Korea to take part at the 2nd Annual Meeting of the Board of Governors of the Asian Infrastructure Investment Bank (AIIB) to be held in the city of Jeju from June 16-18, 2017.

On the sidelines of the event, the Iranian minister met and talked with the Indian Finance Minister Arun Jaitley.

As per agreements reached during the joint meeting, Tehran and New Delhi emphasized on the need to expedite implementation of joint measures and it was agreed that resources be allocated to construction and completion of Chabahar-Zahedan-Mashhad railway.

Given the interest of both countries to develop Chabahar port, it was decided to allocate funds from India in a bid to remove barriers to presence of private sectors of the two countries in the south Iranian port.

Agreement on continuous cooperation in the field of transfer of funds was yet another issue raised at the meeting.

At the end of the session, Iran’s Tayebnia invited his Indian counterpart to make a visit to Tehran.

The Asian Infrastructure Investment Bank is an international financial institution that was established with initiative of China with Iran being one of its shareholders.

The main objective of the establishment of the bank is to provide financial assistance to countries in the Silk Road region and enhance infrastructure development in the Old Continent. Iran formally joined the bank in December 2016 and now possesses 1.61 percent of stake ranking eleventh in this regard.

The 2017 meeting of the Asian Infrastructure Investment Bank agreed with membership request issued by Argentina, the Republic of Madagascar and the Kingdom of Tonga.

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