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Russia considering Iran’s application for $5 bln loan

Such a credit is possible for Iran, though each project will be decided on separately, Russian Energy Minister Alexander Novak says

© TASS/Valeriy Matytsin

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Russia and Iran discuss cooperation in oil sphere — Iranian oil minister

TEHRAN, October 22. /TASS/. Russian Economic Development Ministry and Finance Ministry are already considering Iran’s application to receive a $5 bln loan from Russia, Energy Minister Alexander Novak told TASS on Thursday.

"Iran’s application was just submitted to the Economic Development Ministry and Finance Ministry of the Russian Federation. They’re now considering the application," he said.

The Minister added that "budget-funded intergovernmental credit is widely used as a financial instrument for triggering bilateral cooperation between countries." Novak added that "a similar tool was used when cooperating with Cuba." "Such a credit is possible for Iran, though each project will be decided on separately," he added.

As TASS reported earlier with reference to Deputy Energy Minister Anatoly Yanovsky, Russian banks, including development bank VEB and the country’s second-biggest lender VTB, may be organizers of a loan for Iran worth $5 bln.

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