The agreement was signed in Moscow between the bank and a representative of a housing cooperative in Iran’s Northwestern province of Ardebil.
The tourism town would be constructed between Ardebil and Sareyn spa hub in Ardebil province.
Elbin Bank officials said that a delegation would be sent to Iran in the near future to prepare the grounds for the development of what would be named as Taysiz Health Town.
Another agreement that the Iranian delegation from Ardebil signed in Moscow dealt with cooperation in selling handicrafts of the province in Russia.
The agreement would also envisage selling food products produced by units under the auspicious of Welfare Organization of Iran.
Sareyn is located around 28 kilometers from Ardabil, the capital city of Iran’s Northwestern province of Ardebil. It is famous national and internationally for its hot springs that are situated near an inactive volcano in mount Sabalan. The water in Sareyn springs contains a significant amount of sulphur particles which are believed to be good for bone and joint pains.
Ardebil and its surrounding cities are also known for a wide variety of handicraft, including carpets and rugs as well as honey.