Iranian state-run bank to open branch in Ecuador

QUITO, Sept. 9 (Xinhua) -- The state-run Export Development Bank of Iran plans to open a branch in Quito, capital of Ecuador, to boost trade between the two countries, Ecuador's Central Bank said on Wednesday.

The plan is part of an agreement on financial cooperation signed by both parties when Ecuadorian President Rafael Correa visited Teheran in December 2008.

"The agreement is in line with the Ecuadorian government's policy to develop trade and diplomatic relations with many countries in the world to expand its market," Central Bank chief Carlos Vallejo said.

Ecuadorian exporters to Iran will get payment from the new branch and not need letters of credit, thus transactions will be made dramatically faster, Vallejo said.

The agreement also included a possible Iranian credit line worth 40 million U.S. dollars aimed at enhancing Ecuador's export to Iran, and Tehran is also considering depositing some 100 million euros (145 million dollars) in Ecuador's central bank, Vallejo said.