Russia to Open $5bn Iran Credit Line

By John Lee.

Russia plans to open a US$5 billion credit line for Iran to help finance infrastructure projects in the country, according to a report from AFP.

During a visit by Moscow’s energy minister, Alexander Novak (pictured), to Iran on Thursday he told Iranian Telecommunications Minister Mahmoud Vaezi, “we hope we can open a US$5 billion credit line.”

Transportation Minister Abbas Akhoundi said after meeting Novak that “the first project would be electrifying the Garmsar-Incheh Borun train line (connecting north central Iran to the northeastern border with Turkmenistan) at a cost of US$1.2 billion financed through the credit line.

(Source: AFP)

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