TEHRAN - Central Bank of Iran (CBI) and Export Insurance Agency of Russia (EXIAR) signed a financing memorandum of understanding (MOU) on Sunday.

The MOU was signed by Seyed Ahmad Araqchi, CBI’s vice governor for foreign exchange affairs, and Alexey Tyupanov, EXIAR’s chairman of the management board, CBI’s official website reported.

During their talks, the two sides agreed on the framework and terms of the financing between Iranian and Russian banks.

Based on the agreement, Iranian banks can use financing from Russian banks to fund certified domestic projects in both private and public sectors.

In the meeting, Araqchi expressed satisfaction with the expansion of economic relations between the two countries and called for acceleration of project financings between the two sides.

Tyupanov for his part, expressed hope that Iranian projects in both private and state-run sectors would be able to use Russian banks’ facilities.

With the MOU signed, it is expected the financing deal to be signed and implemented by both Iranian and Russian banks in near future.

EF/MA

PHOTO: Alexey Tyupanov (L) and Seyed Ahmad Araqchi