News ID: 302114
Published: 0103 GMT April 13, 2021

Russian firm signs investment deal for medical projects in Iran

Russian firm signs investment deal for medical projects in Iran

A Russian company signed a contract to invest at least €500 million in Iran to produce antiviral medicine for COVID-19 and other diseases, IRNA news agency reported on Tuesday.

The “investment agreement for foundation of new perspective investment projects in the fields of medicine, biotechnologies and bioengineering” was signed between Iran’s INGP Holding and the Russian investment company Region TransNeft, it said.

“Based on the agreement, the Russian company Region TransNeft is willing to invest €500 million and more ... in advanced technology projects in Iran," according to Press TV.

It will help produce the latest Russian antiviral vaccines for all strains of COVID-19 and retroviruses.

The agreement also calls for production of active biological agents with high demand in the international markets and medical equipment for sale in Iran and other countries.

According to the report, the two companies will cooperate on vaccinating Iranians against COVID-19 and establishing a network of clinics and medical laboratories for research in Iran.

Iran is currently grappling with a new wave of coronavirus infections which, officials say, surged following a two-week public holiday for Nowruz, the Iranian New Year.

The country began a 10-day lockdown on Saturday, ordering most shops closed and offices restricted to one-third capacity in cities declared as red zones, including Tehran and 250 cities and towns.

Iran has already received more than 400,000 of two million Sputnik V vaccines on order from Russia. It has also received 250,000 doses of China’s Sinopharm vaccine and part of an order of 500,000 doses of India’s COVAXIN.

Last week, the COVAX vaccine-sharing scheme delivered its first shipment to Iran from the Netherlands containing 700,000 vaccine doses.

Iran is also developing at least four local vaccine candidates, one in cooperation with Cuba, which are expected to reach production in a few months.

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