Iranian, Russian banks clinch finance deal

Business Materials 30 December 2017 14:03 (UTC +04:00)

Baku, Azerbaijan, Dec. 30

By Khalid Kazimov – Trend:

The Eximbank of Russia and Iran’s Bank Pasargad have signed an unlimited finance deal.

Under the deal, the Russian bank will provide funds "without a ceiling" to the Iranian lender to finance development and production projects in the Islamic Republic, Tasnim news agency reported.

The deal has envisaged a refund period of up to ten years for settling the loans, the report added.

In addition to Iranian firms, Russian exports are also eligible to sue the facilities for exporting technical equipment and services to Iran.

The deal came following an earlier deal between the Central Bank of Iran and the Export Insurance Agency of Russia to pave the way for Russian banks to fund Iranian projects.