IFP Exclusive

Iran Parliament Allows Gov’t to Get $5 Billion Loan from Russia

The Iranian parliament has extended a licence allowing the government to receive a total of $5 billion loan from Russia for infrastructure projects.

The lawmakers gave the greenlight while discussing the budget bill for the next Iranian calendar year (starting March 21).

Russia had agreed to provide a $5 billion loan to Iran for joint infrastructure projects in October 2015, when Russian Energy Minister Alexander Novak travelled to Tehran.

Out of the $5 billion, the Iranian side has so far received $2 billion and now can get the remaining $3 billion.

The removal of the nuclear sanctions in 2016 triggered a race among international companies to tap into Iran’s lucrative market.

However, the withdrawal of the US from the nuclear accord last year has scared away international firms.

Russia, a party to the nuclear accord, has frequently voiced its opposition to the US withdrawal from the pact.

IFP Editorial Staff

The IFP Editorial Staff is composed of dozens of skilled journalists, news-writers, and analysts whose works are edited and published by experienced editors specialized in Iran News. The editor of each IFP Service is responsible for the report published by the Iran Front Page (IFP) news website, and can be contacted through the ways mentioned in the "IFP Editorial Staff" section.

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