Iran and Iraq establish joint bank

Iran has invested $120 million into the foundation of Taawon Bank, a bank established by Iran and Iraq for regional development and investments. Iran owns 68% of shares of the new bank, according to Eghtesad Novin Bank Managing Director Hassan Motamedi (Iran), Trend reports.

Taawon Bank has offices in Iraq, one office in Iran.

Iranian Minister for Economy and Finances Ali Tayebnia said in May that the volume of trade operations between Iran and Iraq had reached $20 billion in three years.