Iran, Russia banks sign refinance agreement

Export Development Bank of Iran (EDBI) and Moscow MirBusiness Bank on Sunday inked a short-term refinance agreement to promote imports of necessary goods, Irna reported.

EDPB and Moscow MirBusiness Bank signed contract worth €10 million; the agreement will help Iran to pay for imports of staple goods, medical equipments and raw materials needed for the production units.

Iran will pay 2.5 percent for interest rate of the facilities to Moscow MirBusiness Bank, according to the agreement.

According to the contract, paying will be restricted to purchases from Russia and other member-states of Commonwealth of Independent States and exports from these countries should be destined only for Iran.