IRNA � The Elbin Bank of Russia is to invest in construction of a tourism township in northwestern Iran with the cooperation of an Iranian bank.


The investment is to be made based on an agreement which was signed on August 10 in Moscow between Managing Director of the Russian bank Abdullah Amrov and representative of Ardebil Medical Sciences Housing Cooperative Ali Lotfi as the operator of the project.

Speaking to the Islamic Republic News Agency (IRNA) on the sidelines of the inking ceremony of the deal, Amrov said, �We favor investment in Iran so that our customers will benefit services of the health center of Taisiz Sabalan,' the name given to the tourism project which is to be constructed between the Iranian provincial capital city of Ardebil and its nearby region Sarein in northwestern Iran.

'Taisiz Sabalan' means 'unparalleled Sabalan' in Iran's Azari language and refers to the Mount Sabalan which is the third highest mountain in Iran.

Amrov added that a Russian delegation will soon visit the region to conduct further research on the project.

Another agreement was also signed on Wednesday by the Iranian and Russian delegations for the sale in Russia of handicrafts and goods made by Iranian factories operating by the country's Welfare Organization.

Based on the agreement, Russia will purchase goods and services from Iran and hold an exhibition-cum-sales in the Central Building of Bank of Elbin.