Iran’s minister of economy and financial affairs Masoud Karbasian said the credit line would be provided by three Russian banks which he said would be led by the country’s Eximbank.
Karbasian added that based on the agreement with Russia, a mechanism would be created to conduct barter deals with Russian traders.
This, he emphasized, would facilitate Iran’s purchases of goods and services from Russian businesses.
In late December, four Iranian banks signed an agreement with the Eximbank of Russia to receive “unlimited” loans, Press TV reported.
The banks involved were Bank Sepah, the Export Development Bank of Iran, Parsian Bank and Bank Pasargad.
Based on the agreement, Eximbank would provide funds "without a ceiling" to the four lenders to finance development projects in Iran, according to an announcement on the website of the Central Bank of Iran (CBI).
Based on the recent agreement signed in Moscow, Iran's public and private sector's approved projects will be able to benefit from the loans, while Russian exporters can use them to export technical and engineering services to Iran, the domestic media in Tehran reported.