Moscow gives $5 billion loan to Tehran for infrastructure development

Moscow gives $5 billion loan to Tehran for infrastructure development

High-ranking delegations of the Russian Federation and Iran headed by the Energy Ministers of the two countries held talks in Moscow on the provision of $5 billion loan by the Russian side to Tehran.

According to the IRNA news agency, Iranian Energy Minister Reza Ardakanian and his Russian counterpart Alexander Novak discussed topical issues of trade and economic cooperation between Russia and Iran in Moscow on Thursday, November 21.

Being co-chairpersons of the Permanent Russian-Iranian Intergovernmental Commission on trade and economic cooperation, they considered the implementation of the agreements of its meeting, which was held on June 16-18 in Iran.

Russia and Iran had already agreed on this loan in October 2015. The funds will be used for the construction of the Sirik Power Plant on the coast of Persian Gulf and a major railway that will link Incheburun city in northeastern Iran with Garmsir, located to the southeast of Tehran.

“We highly appreciate the high level of relations between Russia and Iran. We consistently implement the course of the leaders of our countries to increase cooperation, aimed at strengthening bilateral cooperation,” said Mr. Novak at the meeting.