TEHRAN (IRNA) – Export Development Bank of Iran (EDBI) and Cuba Foreign Bank signed an agreement Saturday to facilitate export of Iranian goods as well as engineering and technical services to Cuba.

The Majlis press and news affairs department reported that speakers of parliaments from Iran and Cuba were present in the signing ceremonies.

The agreement stipulates for the Iranian bank to allocate up to a $90 million ceiling for credit facilities.

It is estimated that Tehran-Havana trade will top $50 million this year. Iran has a positive trade balance with Cuba.

The Cuban officials present in the meeting also expressed satisfaction with the growing trade and investment relations between the two nations.

They also expressed support for Iran's right to use peaceful nuclear energy. The Cuban officials said Havana is interested in expansion of relations with Tehran in all areas.

Iran and Cuba signed a comprehensive document for bolstering of bilateral cooperation in Havana In January.

According to the document, Iran and Cuba would expand cooperation in various commercial, banking, agriculture, health and cultural fields.

The two sides also said they will expand cooperation in the areas of sugar industry, fishery, biotechnology, sports, transportation, development projects, investment, tourism, information technology and communications and water resources.

The document stipulates for the two countries to provide more facilities in banking cooperation with an aim of preparing the grounds for promotion of economic and trade ties and making use of mutual scientific, research and industrial capabilities.