Economy, Business And Markets

Plan to Cultivate Africa Banking Ties

Plan to Cultivate Africa Banking Ties Plan to Cultivate Africa Banking Ties

Iran is planning to enter the African banking sector, a move intended to mitigate the risks of investment in that continent, the Trade Promotion Organization of Iran said on Tuesday.

Pointing to the high risks of investment in Africa Valiollah Afkhami Raad, the head of the organization said that Iran is seeking to join the African Development Bank and purchase shares of major banks in the black continent, Tasnim News Agency reported.

"Establishing joint councils and funds as well as increasing the number of commercial offices in the continent are part of Iran's agenda for enhancing relations with African nations," he said.

The official talked of plans to appoint four new commercial liaisons in Nigeria, Algeria, Egypt, and Tanzania. "Promoting Iranian products and creating an online business information base are Iran's other plans for assuming an active role in Africa.

"Signing MoUs to develop common standards, customs agreements and tariff reforms are other basic steps for enhancing commercial relations with the continent."

He added that visa waiver agreements could considerably help facilitate trade with Africa.  

The African Development Bank, established in 1963, currently has 54 African members as well as 27 non-African state members including from the Americas, Europe and Asia. The bank works to foster social and economic growth in the continent.