CBI, Russia’s Exiar Sign Finance Deal

The Central Bank of Iran has signed an agreement with the Export Insurance Agency of Russia that will pave the way for Russian banks to allocate finance to their Iranian counterparts.

The finance agreement was signed by Ahmad Araqchi, the bank’s deputy for foreign exchange affairs, and Alexey Tyupanov, chairman of the Management Board and CEO of the Russian export credit agency known as Exiar.

“We are very pleased that negotiations regarding finance deals have borne fruit and we hope that our cooperation would continue better than ever,” Araqchi told the Russian official, as reported by the official website of the central bank.

He also called on the Russian official to accelerate the flow of finance for Iran-Russia projects.

Tyupanov welcomed the results of negotiations and said, “We hope various private sector and governmental projects in Iran could soon utilize funds provided by Russian banks” with the aim of developing economic ties between the two nations.

As part of the agreement, CBI and Exiar reached common ground on conditions of finance provided by Russian lenders to their Iranian peers while the agreement also allows Iranian banks to apply for and receive credits from Russia for local projects that have obtained the permits.

“Any loans received from Russian banks will be allocated to public and private sectors in various industries whose priorities have been approved by official entities,” CBI declared.

Agreements signed between Iranian and Russian banks are to follow the CBI-Exiar foreign finance deal in the foreseeable future.

Established in 2011 as a specialized state institution to support exports and headquartered in Moscow, Exiar was born out of a push by the Russian government in late 2009 to step up the development and implementation of its export support program.a

source: Financial Tribune