Economy, Business And Markets

Bank Mellat Restarts Turkey Operations

Bank Mellat Restarts Turkey Operations  Bank Mellat Restarts Turkey Operations

Iran and Turkey have resumed banking relations, Alireza Bigdeli, Iran’s ambassador in Ankara said on his Facebook page Sunday.

Referring to his meeting with Erdem Basci, governor of the Central Bank of Turkey, the envoy said Bank Mellat’s branches in the country have restarted their operations, IRNA reported.

Bank Mellat has three branches, namely in Ankara, Istanbul and Izmir. Mellat got permission to expand its operations in Turkey in March 2014. The bank launched its first branch in Turkey in 1982, but it had to temporarily cease operations when sanctions on the Iran’s banking sector intensified in 2012.

  Turkish Investment

Bigdeli also said that a contract has been signed with the Turkish Company Bergiz Insaat to construct the Tabriz-Marand highway. The project is worth $900 million.

Officials in East Azarbaijan Province had announced earlier that Bergiz would finance 65% of the project and the Iranian government the rest.

Tabriz and Marand are both located in East Azarbaijan Province and a highway is planned to connect the two cities to Bazargan border-crossing, the major trade route between Iran and Turkey.

Iran and Turkey have a history of cooperation in construction projects with Turkish companies participating in the multi-billion-dollar Mehr Housing Project.