Russia Opens $5b LoC for Joint Projects
Economy, Domestic Economy

Russia Opens $5b LoC for Joint Projects

Russia has allocated a credit line worth $5 billion for its joint projects with Iran, announced Mahmoud Vaezi, the Minister of Communications and Information Technology and the Iranian head of Iran-Russia Cooperation Commission, prior to his two-day visit to Moscow scheduled for Tuesday.  “A wide range of topics will be discussed with Russian Energy Minister Alexander Novak, who is the Russian chairman of Iran-Russia Cooperation Commission, such as the establishment of a joint bank with Russians as well as Iran’s membership in Eurasian Development Bank,” IRNA quoted Vaezi as saying.  EDB is a regional development bank established by the Russian Federation and the Republic of Kazakhstan in 2006. The bank currently has six member states, including Armenia, Belarus, Kyrgyzstan and Tajikistan.   Both Tehran and Moscow say they plan to raise their $1.7-billion trade in 2014 to $10 billion in next few years.

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