TEHRAN – The governor of Central Bank of Iran (CBI) said Sweden’s cooperation with Iran in a mega project for renewing the country’s public transportation fleet will lead to expansion of the two sides’ banking ties.

Meeting with his Swedish counterpart in Tehran on Wednesday, Valiollah Seif said that the modernization of Iran's transportation fleet will have the potential for €5 billion investment in the next three years.

“If the project is funded by the Swedish side, in addition to the expansion of bilateral trade it could pave the way for expansion of banking relations as well,” he added.

Stefan Ingves for his part expressed satisfaction with the talks between the two countries’ banking officials saying, “I hope that these negotiations will ultimately lead to the strengthening of bilateral relations between the two countries’ banks."

EF/MA