TEHRAN – The Industrial Development and Renovation Organization of Iran (IDRO) and Russian Trade and Economic Development Council (RTEDC) signed an agreement in Tehran on Tuesday to expand cooperation in rail, oil and gas, renewable energies, and auto industries.

The agreement also addresses a $2.5-billion financing for co-manufacturing of 1,000 freight, passenger and subway wagons during a 3-5 year period. The deal was signed in July by IDRO and Russia’s Transmashholding in Tehran.

Central Bank of Iran Governor Valiollah Seif aid in August that three European countries including Austria, Denmark and Italy are set to open €22 billion credit lines for financing projects in Iran which in addition to the €8-billion credit line to be secured by South Korea’s Eximbank the total value of loan deals will reach €30 billion after the implementation of the nuclear deal in 2016.
 
EF/MA