Economy, Business And Markets

Russia Loans Approved

Russia Loans ApprovedRussia Loans Approved

Lawmakers on Wednesday allowed the government to take out up to $5 billion in loans from Russia for the development of civil projects. Renewable energies, nuclear power, railroads, highways, dams and irrigation systems are priorities set by the lawmakers for using the money. The Central Bank of Iran, Management and Planning Organization and Ministry of Economic Affairs and Finance will come up with suitable terms for the loans, IRNA reported. Earlier this month, Russian President Vladimir Putin announced the  intention to grant two state loans to Iran amounting to €2.2 billion to finance the construction of a thermal power plant near the city of Bandar Abbas on the Persian Gulf coast and the electrification of Garmsar-Inche Borun Railroad in the country’s northeast.