News

TEHRAN -- The Managing Director of Iran Foreign Investment Company (IFIC) stated that Iran and Egypt will open the first branch of a joint bank in Tehran in the near future.

The Mehr News Agency quoted Mehdi Razavi as saying that the first branch in Iran of Misr Iran Development Bank (MIDB) will be established.

He stated, “MIDB is one of the successful banks in North Africa with over 35 years of experience in various development and trade projects.”

The official pointed out that in the past few years MIDB has transferred part of its assets to Iranian banks in hope of broadening economic and political ties with Iran.

The IFIC director noted that during the recent global economic crisis the bank made substantial profits and by doing this earned greater benefit for Iran.

IFIC holds some 40 percent shares of MIDB.

By the same token, the MIDB chairman explained that the bank’s activities include development projects in both Iran and Egypt alongside reaping huge profits.

Ismail Hassan stated that the bank is rapidly opening new branches and its loans are increasing 35.5 percent as a result of cooperation with Iranian managers.