Financial centre planned for Iran’s Qeshm Island as window to mainland

Iran wants  to set up a financial centre on Qeshm Island in the Strait of Hormuz to act as a gateway for banks and other institutions looking to gain a foothold in the country, according to Farhad Taghizadeh-Hesary, a senior adviser to the island’s development agency. A number of  Chinese and Russian banks had expressed interest in  setting up representative offices, he said, and negotiations were also under way with one of  Japan’s largest banks.
“We have lots of feasible projects in different sectors that are interesting to foreign investors,” Taghizadeh-Hesary said. “However, one of the bottlenecks is the lack of access to cheap finance. “The aim for this financial centre is…to be a window onto the mainland.” he said.
Situated off the port of Bandar Abbas and nearly 1,400km south of Tehran, Qeshm Island is the largest in the Persian Gulf.

Source: Bloomberg