Japan Eager to Set Up Banks

Japan is seeking establishment of banks in Iran, while the two countries’ banks are already trading in yen, said Reza Nazar-Ahari, Iran’s ambassador in Tokyo, on Friday. “Japan’s Prime Minister Shinzo Abe will travel to Tehran probably in September. A planned $10 billion investment guarantee will be finalized during the visit,” ISNA quoted Nazar-Ahari as saying. Iran and Japan signed an agreement in February, based on which Iran would guarantee up to $10 billion worth of investments by Japanese companies, using export credits by the Nippon Export and Investment Insurance or syndicated loans arranged by the Japan Bank for International Cooperation. Under the $10 billion finance facility framework, Japanese companies could secure up to 1.2 trillion yen in finance needed for considering investments in Iran.