Economy, Business And Markets

Japan Eager to Set Up Banks

Japan Eager to Set Up BanksJapan 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.