7 Banks Join SCF Program

The Industries Ministry and seven banks signed a memorandum of understanding Saturday for a pilot program for a new supply chain finance (SCF) announced by the Central Bank of Iran.  
The banks include state and privatized banks plus a fully private lender, according to a press release seen on the CBI website. 
Bank of Industry and Mine, Bank Saderat Iran, Bank Melli Iran, Bank Mellat, Tejarat Bank, Parsian Bank and Bank Maskan are the banks in the pilot phase of the SCF plan designed to fund manufactures in the steel, auto, construction, kitchenware, food and petrochemical sectors plus machine makers.