Ecuador belittles U.S., UN questions on agreement with Iranian bank

The Ecuadorian government on Sunday belittled accusations from the United States and United Nations (UN) of collaborating with Iran's nuclear activities on the basis of an agreement between the Central Bank of Ecuador (BCE) and Export Development Bank of Iran (EDBI).

BCE's President Carlos Vallejo told reporters that the agreement "is limited to promote, boost and develop the commercial import and export ties between two countries."

There was no reason "to make noise," Vallejo said about the cooperation agreement signed in 2008. The agreement is aimed at financing projects in the hydrocarbon, petrochemical, agricultural and technology transfer sectors.

Vallejo said this agreement was a step towards establishing an International Development Bank of Iran in Ecuador, similar to the one which was established in Venezuela in January 2008.

In October 2009, the U.S. Treasury froze the assets of the EDBI and the International Development Bank of Venezuela in the United States, and prohibited U.S. citizens from dealing with those entities.

Measures were also taken by the UN, based on the accusation of Iran's having plans to make nuclear weapons, which has been denied by Iran.

In December 2008, Ecuador's President Rafael Correa signed 19 agreements with the Mideast country in Tehran.

Source: Xinhua