According to the PR department of Farabi Cinema Foundation and the National Cinematheque of Nicaragua, a virtual MOU signing ceremony was held  on December 16, 2020 in the presence of the officials of the National Cinematheque of Nicaragua and Farabi Cinema Foundation as well as the Ambassadors of the two countries. During the meeting, Alireza Tabesh, the Managing Director of Farabi Cinema Foundation, referred to the 120 years existence and experience of fthe Iranian Cinema, mentioning: "In these days when the entire world is dealing with the challenges of Coronavirus,  a new chapter of cinematic interactions has began  between Iran and Nicaragua". 

Tabesh also referred to the posibility of creating cinematic activities in the form of joint-production projects in the future between the two countries, stating: "We hope that this agreement will pave the way for the participation of the private and public sectors of the two countries."
During the meeting,  Majid Salehi, the Ambassador of the Islamic Republic of Iran in Nicaragua, said: "By signing this important memorandum, content exchange and cinematrographic programming will begin, and through this, it will create a platform for  cultural exchange and strengthen friendly realtions between the two countries." 
Some of the most important points of the memorandum include : facilitating the distribution and screening of films in both countries, expanding cultural exchanges and educational cooperation in the field of cinema, supporting co-productions, organizing film festivals, markets and cinema events, and exchanging knowledge and experience in the fields of film museums and archives.
The director of the National Cinematheque of Nicaragua, Idania Castillo also mentioned: " This agreement is a proof of  the commitment of the people and governemnts of both countries to unite and strenghten the cultures of both countries."
The Nicaraguan Ambassador in Iran, Isaac Bravo also extended his appreciation to  the people and government of the Islamic Republic of Iran and Farabi Cinema Foundation for their commitment, which is in favor of the development of cinematic art in both countries.