Iran, Cuba sign banking agreement

Iran, Cuba sign banking agreement

Monday, February 20, 2006 - ©2005 IranMania.com

LONDON, February 20 (IranMania) - Iran Export Development Bank and Cuba
Foreign Bank signed an agreement to facilitate export of Iranian goods
as well as engineering and technical services to Cuba, IRNA reported.

The Majlis press and news affairs department reported that the two
countries' speakers of parliaments were present in the signing ceremonies.

The agreement stipulates for the Iranian bank to allocate up to a $90
mln ceiling for credit facilities.

It is estimated that Tehran-Havana trade will top $50 mln this year.
Iran has a positive trade balance with Cuba.

The Cuban officials present in the meeting also expressed satisfaction
with the growing trade and investment relations between the two nations.

They also expressed support for Iran's right to use peaceful nuclear
energy. The Cuban officials said Havana is interested in expansion of
relations with Tehran in all areas.

Iran and Cuba signed a comprehensive document for bolstering of
bilateral cooperation in Havana In January.

According to the document, Iran and Cuba would expand cooperation in
various commercial, banking, agriculture, health and cultural fields.

The two sides also said they will expand cooperation in the areas of
sugar industry, fishery, biotechnology, sports, transportation,
development projects, investment, tourism, information technology and
communications and water resources.

The document stipulates for the two countries to provide more facilities
in banking cooperation with an aim of preparing the grounds for
promotion of economic and trade ties and making use of mutual
scientific, research and industrial capabilities.

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