Tehran (IP)- The Minister of Economic and Financial Affairs has announced that Iran's capital in the Joint Bank of Iran and Egypt will see an increase.

Speaking to reporters on the sideline of a Cabinet meeting in Tehran on Wednesday, Ehsan Khandouzi stated that 37 million euros have been added to Iran's shares in the bank, representing the accumulated profit from years of joint banking with Egypt.

Khandouzi discussed his recent trip to Egypt, where he participated in the annual meeting of The Asian Infrastructure Investment Bank (AIIB). He highlighted that despite being a founder and shareholder of the bank, Iran has faced challenges in utilizing its benefits due to disruptions caused by certain countries.

He added: This bank has more than 120 member countries and we had good negotiations with the head of the bank.

 He expressed satisfaction with the outcome of the discussions, as it was agreed that Iran would be able to access financial facilities provided by the bank for various projects. The bank president warmly welcomed this decision, and Khandouzi mentioned that the bank's deputy would be visiting Iran in the coming months to discuss at least three projects eligible for utilizing these facilities.

Khandouzi further added, "On the sidelines of this annual meeting, I took advantage of the opportunity to announce our points of view. We also had bilateral negotiations with officials from Indonesia, Iraq, and other countries to discuss economic issues between our nations."

Referring to his meeting with the Minister of Finance of Egypt, Iran's Minister of Economy also added, "After many years, the ministers of Iran and Egyptian Minister, agreed on almost all the proposals for economic revival. The two countries have agreed to form a joint committee between the Ministry of Economy of Iran and the Ministry of Finance of Egypt to oversee joint projects."

Khandouzi also mentioned the Iran-Egypt Joint Bank and said, "Decades ago, Iran and Egypt established a joint bank. However, due to negligences, we were unable to fully utilize our shareholding capacity in the Joint Bank."

He pointed out that due to a lack of coordination, Iran's board members were not introduced and approved as they should have been. However, in a conversation with the bank's head, it was decided that two things should be done: Iranian board members should be quickly introduced and approved by the bank so that we can utilize our own shareholding capacity in managing the bank. Additionally, 37 million euros of Iran's profit from previous years were added to Iran's capital.

"We aim to use the capacity of joint banks to finance projects between countries," he said. "This capacity existed years ago but due to a lack of active economic diplomacy, Iran was unable to utilize it for its projects."

In conclusion, Khandouzi noted that according to a report given by the CEO, the bank is improving and strengthening. The investment projects that will take place are expected to enhance relations between Egypt and Iran in the economic field.


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