Economy, Business And Markets

Iran Gov’t Approves Russia Loan

Gov’t Approves Russia LoanGov’t Approves Russia Loan

The Iranian government has issued the permission for taking a loan from Russia during the Cabinet meeting on Wednesday. The money would be spent on the development of infrastructure projects, including renewable energies, nuclear power, railroads, highways, dams and irrigation systems, reported without mentioning the exact amount of the loan. Back in October, Majlis allowed the government to accept up to $5 billion in loans from Russia for the development of civil projects. The Central Bank of Iran, Management and Planning Organization and Ministry of Economic Affairs and Finance were tasked with devising suitable terms for the loans. Early in August, Russian President Vladimir Putin announced his government’s intention to grant two state loans to Iran amounting to €2.2 billion to finance construction projects.

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