Shuvalov: the initial amount of state credit to Iran from Russia of $2.2 billion

TEHRAN, December 23. The initial amount of state credit to Iran from Russia of $2.2 billion.

This was reported to journalists by the first Deputy Prime Minister Igor Shuvalov.

“The question of public credit was discussed, we understand its scope, and how they will choose. Now we need to agree on the options contracts with delivery. As soon as our industrial forces will be ready to supply the equipment and perform the contracts, we will be ready to issue financial documents,” he said.

“The first is $2.2 billion, $5bn is a whole line”, – said Shuvalov.

He said, $2.2 billion is the volume of financing contracts for the construction of power plants and electrification of Railways, which were signed during the visit of the Russian President Vladimir Putin.

“We need to start with these two very important and symbolic project to start”, – said Shuvalov.

On engagement with Iran

In November 2015 following talks of President of Russia Vladimir Putin with the leader of the Islamic Republic of Iran (IRI) Ali Khamenei and President Hassan Rouhani announced the intention to increase the turnover. Vladimir Putin declared the readiness of Russia to allocate the state export credit in the amount of $5 billion to Finance joint projects. He added that for joint cooperation selected 35 priority projects in energy, construction, marine terminals, Railways, etc.

In addition, VEB and the Central Bank of Iran are preparing an agreement to provide export credit to Iran for $2 billion that will be spent on electrification of Railways in this country and the construction of power plants.

When will the financing of projects in Iran

Russia expects to start financing projects in Iran from the state of the loan in 2016, he said.
“(2016) is the signing of contracts and commencement of their financing”, – said Shuvalov.
“I think that in the course of the visit (Russian President Vladimir) Putin (in Tehran – ed.) they are the memoranda so far only signed,” he said.

For the loan of the Russian Federation and Iran must agree on the parameters of the supply of equipment, said Deputy Prime Minister.

He also said representatives of banks of Russia and Iran will discuss the calculations in national currencies in the near future.