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EghtesadOnline: Economy Minister Ali Tayebnia met with his Indian counterpart Arun Jaitley in Seoul, capital of South Korea, on Friday and reviewed methods to facilitate the use of credit lines between the two countries.

Tayebnia, who is in Seoul to attend Asian Infrastructure Investment Bank (AIIB) meeting, discussed issues of mutual interests with Jaitley, IRNA reported.

The two sides agreed on the necessity to accelerate the implementation of joint projects and it was due resources to be used for construction and completion of railway between Chabahar, Zahedan and Mashad.

Given the interests of both countries to develop Chabahar Port, India was obliged to allocate some financial resources, existing obstacles for the presence of private sector of the two countries in the port to be removed.

Tayebnia invited his Indian counterpart Arun Jaitley to pay visit to Iran.

AIIB is an international financial institute which was founded upon a proposal by China and Iran is one of its shareholders.

The aim of the establishment of the bank was offering financial facilities for countries in the region of Silk Road and strengthening development infrastructures in Asia.

Iran became a member of the bank in December 2016 and now has 1.61 percent of the shares and ranked 11 in the bank.

In the session of the AIIB , request of the Argentina, Madagascar Republic and Tonga kingdom for membership in AIIB were accepted.

Ali Tayebnia Iran-India trade Iran-India cooperation Arun Jaitley credit lines