Iran to establish free zones bank

March 16, 2011 - 0:0

QESHM -– The director of Iran Free and Special Economic Zones said the necessary permit for the establishment of a free economic zones’ bank has been issued.

According to Behrouz Baqaii an advanced banking network is one of the vital elements in the infrastructure of free economic zones, BIMA reported.
“The organization’s aim is to attract foreign investments and develop the transit of cargo in all economic zones,” Baqaii, who is also an advisor to President Mahmoud Ahmadinejad, said.
He pointed out that in the early months of the upcoming Iranian calendar year (to start March 21) shares of the bank will be offered in the bourse market.
Iran’s first free trade zones’ special bank will establish branches in all Iranian FTZs, the commerce minister’s advisor for special economic zones affairs said more than a year ago.
Hossein Soltaninia told the Mehr News Agency at that time that the bank’s shareholders would be the Iranian special zones, Refah Bank and foreign investors.
Prior to this Iran’s Majlis (parliament) had ratified the bill for the establishment of domestic-foreign joint banks and insurance companies in free trade zones