Iran’s deputy minister of economy, Mohammad Khazaee, told Fars news agency that he has discussed the issue with Russian economic officials.
“During these talks, an agreement was reached on how the Russian government’s $2-billion credit would be paid to Iran,” he said.
Khazaee said the credit would fund a railway project in northern Iran and a thermal power plant in southern Iran.
“This credit will be reimbursed over ten years with a 3-year grace period at the start of the reimbursement procedure,” he said, adding that the interest rate on this loan would be below 5%.
Iran has completed the preparations for establishing a joint bank account with Russia to facilitate trade between the two countries in their own currencies.