Business And Markets

National Development Fund of Iran Lends $4.7b to Banks

NDFI Lends $471 Million to Banks
NDFI Lends $471 Million to Banks

The National Development Fund of Iran deposited 50 trillion rials ($471 million) with agent banks in the first eight months of the current fiscal that ends next March.  
The amount was given to banks to meet the needs of companies seeking loans. Morteza Shahid-Zadeh, NDFI head told Tasnim News Agency. “Half of this amount is to be allocated for financing working capital of businesses in the form of loans.”
He said the fund also allocated $4 billion in foreign exchange loans during the period. The rate for foreign exchange lending by NDFI is 3.5%, 2.5% of which goes to banks for covering risks and 1% belongs to the fund.


Subscribe to the Financial Tribune to continue reading this article or Log in to your account if you are already a subscriber.

Find out more about our subsciption plans here.

Add new comment