Iran’s Foreign Minister Manouchehr Mottaki , in a meeting with his Omani counterpart Yusef bin Alavi, stressed the need for the two countries to utilize their potentials in a bid to promote mutual trade and economic cooperation.

Iran has extended $1 bln in credits for reconstruction projects in Iraq, a senior official said Tuesday ahead of an international conference on stabilizing Iraq.

Notwithstanding US reservations over the Iran-Pakistan-India gas pipeline, the World Bank has described it as a win-win deal and expressed readiness to fund the seven billion dollar project.