News ID: 237389
Published: 0310 GMT January 15, 2019

Iran gov’t gets clearance for $30b foreign finance

Iran gov’t gets clearance for $30b foreign finance

The Iranian government has been allowed to get up to $30 billion in finance from foreign lenders for infrastructure projects, a spokesman for the Parliament’s ad-hoc budget review committee said on Tuesday.

Mohammad Mehdi Mofatteh said panel gave the government the green light to secure $5 billion of the foreign finance from Russia.

“In another clause, the government was allowed to receive $5 billion in loans from Russia for development projects,” ICANA reported.

The news of Russia’s loan to Iran for joint infrastructure projects first came in October 2015 when Russian Energy Minister Alexander Novak traveled to Tehran, Press TV wrote.

At the time, Novak said Russia and Iran had agreed to $40 billion in projects.

Last year, presidential aide Yuri Ushakov said Russian investment in developing Iran’s oil and gas fields could total more than $50 billion but nothing has been firmed up yet.

Iranian officials say the country needs $200 billion of investments for upstream and downstream projects by 2021 but the US sanctions reimposed in May and November after leaving the 2015 nuclear deal prompted Iran to find other ways, including securing foreign finance, to advance its development projects.



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