Iran to use Russia’s $5 billion loan for construction of two major projects

TEHRAN, Nov. 20 (MNA) – Iran’s Minister of Energy Reza Ardakanian is to travel to Moscow to operationalize Russia’s $5 billion loan for constructing two major projects in Iran.

Announcing on Wednesday, Ardakanian the head of Iran-Russia joint economic cooperation commission is to travel to Moscow to operationalize Russia’s $5 billion loan which was agreed to be granted to Iran for joint infrastructure projects in October 2015.

He said that the loan will be used for construction activities of two projects, including Sirik Power Plant which is located on the Persian Gulf coast and a major railway project linking Incheboron, in the northeast, to Garmsar, located to the southeast of the capital Tehran.

Russia had agreed to provide a $5 billion loan to Iran for joint infrastructure projects in October 2015, when Russian Energy Minister Alexander Novak traveled to Tehran.

The Iranian parliament has also extended a license allowing the government to receive a total of $5 billion loan from Russia for infrastructure projects.

MNA/FNA13980829000459

News Code 152512

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