The Export Development Bank of Iran (EDBI) and RFC Bank of Russia have signed a Memorandum of Understanding (MoU) on banking cooperation in the twelfth session of the Joint Commission on Economic and Trade Cooperation between Iran and Russia.
Kamran Rezvani, head of Finance Management for International Affairs of the Export Development Bank of Iran, said:
“In order to facilitate trade between the entrepreneurs of the two countries, our Bank and Russia’s RFC Bank continued their negotiations about banking arrangements and in the end we reached the mentioned agreement.
The agreement will provide the requirements for operational risk and transfer of funds in an efficient manner.”
The two sides also agreed to diversify and use other banking services.
After signing the trade agreements between the Iranian exporters and foreign buyers, RFC Bank will open a letter of credit in favor of Iranian exporters.