Iran, Brazil Finalize MoU On Cooperation

Brazil Ambassador to Tehran Rodrigo de Azeredo Santos announced the finalization of a memorandum of understanding between Brazil and Iran which is aimed .at boosting the current trade level.

Iran, Brazil Finalize MoU On Cooperation

Santos yesterday met Head of Industrial Development and Renovation Organization of Iran (IDRO) Mr. Mansour
.Moazzami and discussed ways for enhancing economic ties The Brazilian diplomat said that the value of the MoU
which is finalized is 1.2b euros and it can reach 5b euros depending on the projects.

Santos added that interbanking transactions will be based on the agreements made between the banks.

Meanwhile Mr. Moazzami briefed the Brazilian diplomat on how the cooperation with Brazilian companies would be

He also delved into details of conditions for cooperation between Iranian auto-making giants IRAN KHODRO and
SAIPA with two Brazilian counterparts Marcopolo S.A. and Kayo. During the meeting, head of international affairs of IDRO Mr. Ali Araqchi pointed to the background of talks between both sides, adding that an industrial seminar is on the agenda for implementing the details of the MoU.

Earlier this month, Santos had said that the Brazilian government were after granting $1.2 billion to Brazilian companies which are trading with Iran.

The envoy had highlighted that the plan to give loans valuing at $ 1.2 billion to Brazilian companies which are cooperating with Iranian firms was passing through final stages in the National Bank for Economic and Social Development (BNDES)