TEHRAN, December 22. /TASS/. Russia may grant a public loan to Iran worth $5 bln already next year in case all formalities are settled in the first quarter of 2016, the Minister of Industry and Trade Denis Manturov said on Tuesday.

"I think in case we manage to settle all formalities in the first quarter of 2016, [loan’s granting - TASS] may be implemented already next year," Manturov said.

In November 2015, Russian President Vladimir Putin and his Iranian counterpart Hassan Rouhani announced the two countries’ intention to boost mutual trade turnover. Vladimir Putin also said Russia was ready to extend a $5 bln state loan to Iran to promote industrial cooperation. "We plan to enliven industrial cooperation. Russia is ready to offer a state export loan for these purposes worth $5bln," Putin said, adding that the sides have selected 35 priority projects in the areas of energy, construction, sea terminals, railways, etc.