The agreement was signed by Mahmoud Vaezi, Iran’s minister of communications and information technology, and the visiting Russian Energy Minister Alexander Novak.
The two sides agreed to expand cooperation on transportation, the oil industry, road and urban development as well as the banking sector.
The Russian minister arrived in Iran earlier in the day at the head of a delegation including the CEOs of severak giant Russian oil and gas companies, including Gazprom, Rosgeologia, Russneft, Gazprom Neft, Zarubezhneft, Stroytransgaz, and Bashneft.
Earlier, Vaezi had told reporters after meeting Novak in one of his earliest meetings in Tehran that Russia has pledged to issue a credit line of $5 billion for joint projects with Iran.
He said the credit line is expected to usher in a new era in Iran-Russia economic relations.