Domestic Economy
0

$35m in Loans to Shore Up Saffron Production, Exports

$35m in Loans to Shore Up Saffron Production, Exports$35m in Loans to Shore Up Saffron Production, Exports

Bank Keshavarzi Iran, Export Development Bank of Iran and Bank Mellat will lend loans to economic operators engaged in the production, processing and export of saffron, based on a memorandum of understanding with the Plan and Budget Organization. 
“The outbreak of coronavirus and sanctions have disrupted saffron exports and caused its prices to plummet; loans worth 10,000 billion rials [$35 million] have been envisioned to support different sectors of saffron production, packaging and exports,” Hamid Pourmohammadi, a senior official with PBO was quoted as saying by IRIB News. 
“Bank Mellat and Export Development Bank of Iran will offer 2,500 billion rials [$8.7] each and Bank Keshavarzi will grant loans worth 5,000 billion rials [$17.5] at the interest rate of 18%. The Plan and Budget Organization will pay 3% of the lending rate, therefore the interest rate of these credits will reduce to 15% for the borrower,” he added.

Premium

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

Financialtribune.com