Russia to provide $5bn credit to Iran

Officials in Tehran said yesterday that Russia has pledged to issue a credit line of $5 billion for joint projects with Iran.

Mahmoud Vaezi, Iran’s minister of communications and information technology, told reporters that the credit line is expected to usher in a new era in Iran-Russia economic relations.

Vaezi made the comments after a meeting with the visiting Russian Energy Minister Alexander Novak who is heading a 50-member delegation to Tehran for key trade talks.

He further added that Novak is scheduled to hold a series of crucial meetings during his two-day stay in the Iranian capital.

Other officials he will meet include First Vice-President Es’haq Jahangiri as well as Minister of Roads and Urban Development Abbas Akhundi.

Earlier yesterday, officials from Russia’s Energy Minister said the country is exploring the possibility of providing Iran with a credit of $5 billion for joint projects.

“The Russian side is considering a request from Iran for receipt of a credit of $5 billion for the construction, by Russian companies, of infrastructure, transport, geological exploration and other facilities,” a representative from the ministry said.

Novak arrived in Tehran yesterday to discuss bilateral ties particularly the expansion of mutual cooperation in the area of oil industry.

Officials said before his visit that he will discuss Iran-Russia cooperation in energy field as well as such major topics as the situation of global oil prices and cooperation between OPEC and non-OPEC oil producing countries during his stay in Tehran.

Meanwhile, Greece and its international creditors have resumed talks on the Athens’ progress in implementing the tough economic reforms required by the lenders in exchange for a new aid package.

According to a statement by the Greek Finance Ministry, the high-level talks began on Wednesday between Finance Minister Euclid Tsakalotos and representatives of the European Commission (EC), the European Central Bank (ECB) and the International Monetary Fund (IMF), known as Greece’s troika of international lenders, in Athens.

A representative of European Stability Mechanism was also present in the talks.

The statement further said the negotiations will continue later in the day, with the participants planning to review Greece’s public finances, the 2016 budget and tax legislation.

Struggling with a huge amount of debt, Greece signed in July a deal with the troika, whereby it receives a promised 86-billion-euro ($96 billion) bailout, a third since 2010, in return for more public spending cuts. Athens received a first tranche of 13 billion euros ($14.8 billion) in August to pay debts to the IMF and ECB.— AlJazeera.