Russia lends Iran $5bn for power and infrastructure projects

Russia lends Iran $5bn: Russia has agreed to extend Iran a $5bn credit line, Deputy Prime Minister Igor Shuvalov said yesterday. An initial tranche of $2.2bn is to be used for the development of power plants and railway electrifications under contracts that were signed during President Putin’s visit to Tehran last month when a list of 35 projects in the energy and construction sectors as well as several marine terminals and railways was drawn up.
“As soon as our industrial forces are ready to supply the equipment and carry out the contracts, we will be ready to fix it in financial documents,” Shuvalov said.