Domestic Economy

$124m in Covid Loans for Transportation Sector

$124m in Covid Loans for Transportation Sector
$124m in Covid Loans for Transportation Sector

Around 34 trillion rials ($124 million) worth of banking facilities out of a total of 52.5 trillion rials ($192 million) requested so far been granted to companies and businesses active in the transportation sector hard-hit by the Covid-19 pandemic, according to the director general of Transportation Efficacy Bureau of the Ministry of Roads and Urban Development.
“Since the outbreak of the pandemic up until now, 65% of the requested banking facilities have been granted to air, rail, road and marine transportation companies,” Mohsen Sadeqi was also quoted as saying by Mehr News Agency.
The official noted that close to 202,000 applications have been filed through which transportation businesses have requested financial assistance to compensate the losses suffered during the pandemic so that they can continue their operations. 
“Nearly 155,000 applications [constituting 77% of the overall figure] have received their facilities and the rest are being processed.”
Sadeqi said 31 applications worth 31 trillion rials ($113 million) were submitted in the air transportation sector, 15 of which have received facilities worth 22 trillion rials or $80.58 million (71% of the total sum).
In the rail sector, he added, 58 applications worth 8.9 trillion rials ($32.6 million) were filed, 23 of which have so far received banking facilities worth 2.3 trillion rials ($8.42 million) which make up only 26% of the overall requests.
“We are doing our best to facilitate the process of extending these facilities to transportation companies by carrying out negotiations with banks.”

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