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TEHRAN, December 26 - Iran and Russia signed an agreement which provide “unlimited funds” for development projects to be carried out by domestic and international contractors in the Islamic Republic.
TEHRAN, Young Journalists Club (YJC) - The agreement was signed by four Iranian banks and Eximbank of Russia.
Bank Sepah, Bank Export Development, Bank Parsian and Bank Pasargad were the four Iranian banks inked the agreement with Russia.
Central Bank of Iran and Export Insurance Agency of Russia (EXIAR) have already signed a MoU.
The agreement would pave the way for receiving banking facilities from Russia for production and development projects in Iran.
Based on the deal, public and private plans received the required permits by Iran can receive facilities of Eximbank of Russia through the four Iranian banks.
Russian exporters can use the facilities to export technical and engineering services and equipment to Iran.
Iran has already signed finance deals with India, China, South Korea, Austria and Denmark.
Iran is still in talks for providing finance from other countries.
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