Months after the Central Bank of Iran clinched an agreement with the Export Insurance Agency of Russia to pave the way for Russian banks to fund Iranian projects, four Iranian banks have signed an “unlimited finance deal” with the Eximbank of Russia.
Bank Sepah, the Export Development Bank of Iran, Parsian Bank and Bank Pasargad have signed a deal based on which the Russian Exim-bank will provide funds “without a ceiling” to the four lenders to finance development projects in Iran, according to a report published by the CBI on Tuesday.
In mid-October, CBI’s deputy for foreign exchange affairs Ahmad Araqchi had signed the finance agreement with Alexey Tyupanov, chairman of the Management Board and CEO of the Russian export credit–aka Exiar– during the Russian officials’ visit to Tehran.
Based on the recent agreement signed in Moscow, Iran’s public and private sector’s approved projects will be able to benefit from the loans, while Russian exporters can use them to export technical and engineering services to Iran.
The agreement has been signed in line with implementing commitments set as part of the Sixth Five-Year Development Plan (2017-22) and the annual budget law and as a result of years-long efforts by the government, the Ministry of Economic Affairs and Finance and the central bank to attract foreign finance from various nations.