Report: Joint Iran-Egypt bank used to bypass sanctions

November 17, 2010 16:31

Financial ties between Egypt and Iran have recently improved as a result of the Misr Iran Development Bank (MIDB), jointly owned by the two countries, the Atlantic Monthly reported on Monday.

According to the report, the MIDB, founded in 1975, has become a potential route for Teheran to bypass imposed economic sanctions with Egypt. The bank serves as evidence of the complex challenge faced by the US in enforcing international sanctions against Iran.

The IFIC may currently be using the Egyptian bank to bypass the sanctions. According to the government-controlled Teheran Times, the bank transferred $50 million to Iran in 2009 when the international community began debating how to punish Iran for its nuclear program. The Teheran Times also reported managing director Mehdi Razavi that the bank would open its first official branch in the country. This move allowed Teheran the ability to transfer funds free of restriction.

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