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Iran BIM, Russia VEB sign €1.2bn investment contract

Russia’s Vnesheconombank (VEB) signed an investment agreement with Iran’s Bank of Industry and Mine (BIM) worth €1.2 billion for the development of Hormozgan thermal power plant.

(SHADA: TEHRAN) -- The contract was signed at the presence of the representative of the Central Bank of the Islamic Republic of Iran and representatives of the Thermal Power Company in Moscow on September 5th.

Based on the agreement, the VEB would provide the loan to Iran’s Bank of Industry and Mine over a period of five years. 

During the talks, the VEB expressed its desire to provide short-term loans for one year, long-term non-covered EXIAR loans and government guarantees based on the credit rating of the Bank of Industry and Mine.

It is worth noting that a contract worth $1.5 billion was signed last year between the Bank of Industry and Mine and the Exim Bank of China for the financing of the Tehran-Mashhad electronic railway.