Russia extents $5 billion credit facitlity to Iran
Russia announced on Monday that the required preparations have been made for granting a major state credut facility worth $5 billion to Iran.
According to the reports, Russian Deputy Foreign Minister Sergei Storchak has been quoted by the media in Moscow as saying that the legal barriers for granting the credit facility to Tehran have been removed.
Storchak added that the preliminary agreements over the move were reached during the visit to Tehran by Russia’s President Vladimir Putin in November 2015.
“Contradictions in the intergovernmental loan have been removed. I saw my [Iranian] colleague here in Washington, and he said that we’re preparing clean texts. We’ll sign them as soon as the decision is made by the authorities,” the official has been quoted as telling journalists by Sputnik news agency.
Putin said last November that Moscow is ready to provide a $5 billion state credit facility to Tehran to promote industrial cooperation. Another €2 billion export credit facility will be granted to Iran by Russian state lender Vnesheconombank, according to RT.com.
During the visit to Tehran by the Russian president, the two countries selected 35 priority projects in energy, port facilities, and railway electrification.
On the same front, Russian Railways signed a contract to electrify 495 kilometers of railway in Iran worth €1.2 billion. The three-year project will include building 32 stations and 95 tunnels.
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