Saturday, April 13, 2024

Iran official: Russia allocates 5bn euros for joint projects with Iran

An official with Iran's Thermal Power Plant Holding says the Russian government has allocated five billion euros in loans and credit lines for the implementation of a number of joint projects with the Islamic Republic.

“Russia has approved the government loan within the framework of joint cooperation documents between the two countries,” director of TPPH Steam Power Plant Projects Behnam Khaefi-Nejad said on Tuesday.

He added that based on an agreement, the two countries will define joint projects using the Russian loans and credit lines.

Khaefi-Nejad said a number of joint projects have already been defined, noting that 3 of them are power plant projects that belong to Iran’s Ministry of Energy.

Iran and Russia have planned to boost cooperation in the fields of infrastructure, energy, banking and trade.

The Iranian president’s recent visit to Moscow was described as a turning point in bilateral relations and a major step towards closer cooperation between the two neighbors.

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