The Economic Cooperation Organisation Trade and Development Bank (ETDB) has signed Short Term Trade Finance Agreements with both Bank Keshavarzi and Bank Parsian of Iran on 27 April 2009 for the purpose of facilitating import and export financing needs of local corporate companies.

With the signature of these two agreements, the ECO Trade and Development Bank extended the number of the financial intermediaries operating in Iran up to 3, including Bank Mellat which had already signed the Short Term Trade Finance Agreement in March 2009.

The operations come in line with the ETDB’s strategy, structured and approved by the Board of Directors at the 14th Board Meeting, held on 25 September 2008 to provide the necessary support to the local companies of the ECO Bank member countries.