Mar 10, 2008, 8:58 PM

Iran to give Nicaragua €150m loan for power sector projects

TEHRAN, Mar. 10 (MNA) – Iran’s cabinet of ministers concurred in making an appropriation of 150-million-euro loan out of foreign exchange reserve fund for constructing a dam and a power plant in Nicaragua.

The Export Development Bank of Iran (EDBI) is regarded as the acting bank, the Ministry of Economic Affairs and Finance reported.

The loan is due to be repaid in 22 installments within 10 years with a 5 percent interest rate.

The Export Guarantee Fund of Iran has undertaken to indemnify for Nicaragua’s non-fulfillment of its obligations.

SK/MG

END

MNA

News ID 27121

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