Three Iranian banks will join forces to launch a bank in Belarus, Iran’s FARS News reported with reference to Kourosh Parvizian, managing director of the Export Development Bank of Iran (EDBI). The project will involve the EDBI, Bank Refah Kargaran and Bank Saderat Iran. Shamseddin Hosseini, Iran’s minister of finance and economic affairs, said earlier this year that Iran planned to develop banking cooperation with other countries. There were 31 banks in Belarus as of July 1, 2009. Twenty-five banks involve foreign capital and eight of them are fully owned by foreign investors. The country also has eight offices of foreign banks.