“Fortunately we have brokered agreements with Russians and three Russian banks will open credit lines for Iran,” said Iranian Minister of Economic Affairs and Finance, Masoud Karbasian.

The Iranian official made the remarks on Tuesday in Tehran addressing the Dialogue Council of Government in Private Sector.

“The organization of Foreign Investment is willing to cooperate with both private sector and the Trade Chamber,” recounted Mr. Karbasian.

“We also agreed with the Russians to provide Iran with a clearing line, while we have resources in Russia which can be used for some purchases,” the Iranian minister continued.

He also recounted that new measures will be taken in April 2018 to develop interactions with Central Asia and CIS (Commonwealth of Independent States) Countries.

Back in last week, an international finance agreement was signed between four Iranian banks and the Eximbank of Russia in Moscow.

Following the signing of the Memorandum of Understanding between the Central Bank of Iran and the Export Insurance Agency of Russia (EXIAR) the contract for four Iranian banks- Bank Sepah of Iran, Export Development Bank of Iran, Bank Parsian of Iran, and Bank Pasargad of Iran- on the one hand and the Eximbank of Russia, on the other hand, was signed with no ceiling restriction. The contract eases the way for receiving banking services from Russia to put into effect construction projects in Iran.

According to the contract, public sector and private sector projects that have received the necessary permits in Iran, and their priorities have been approved by the relevant executive organizations, can receive finance services from Eximbank of Russia through the 4 Iranian banks, and the same way Russian exporters can use the services to export technical and engineering services and equipment to Iran.

The agreement is signed to observe the obligations outlined in the bill of the Sixth Economic, Social, and Cultural Development Program and the yearly Budget Laws. It has been achieved as a result of recent efforts made by Iranian government, the ministry of economic affairs and finance of Iran and the Central Bank of Iran to provide financial credit lines from different countries. It will broaden the chance of diversifying the existing credit lines for conducting the current development projects of the country.

In this regard, signing deals with India, China, South Korea, Denmark and Austria in recent months, Russia is the sixth country with which the finance contract has been signed, thus, the range of credit lines available for development projects of Iran is gradually expanding and diversifying. As a result of the trend of agreements, it will be possible to finance projects through credit lines of different countries for the public and private sector.

The efforts of the Iranian ministry of foreign affairs and the embassy of the Islamic Republic of Iran in Moscow were contributive.

In addition, negotiations between the banking system and the government, including the ministry of economic affairs and finance, to continue to provide financing from other countries.