Economy, Business And Markets

Agro Bank Ready to Invest in Auto Industry

Agro Bank Ready to Invest in Auto Industry Agro Bank Ready to Invest in Auto Industry

Bank Keshavarzi (Agriculture Bank) has announced that it is ready to invest in the auto industry.

Providing financial services based on clients’ needs and boosting manufacturing in industrial units are among top priorities of Bank Keshavarzi, Banker quoted Morteza Shahidzadeh, the bank’s CEO, as saying.

During a visit to SAIPA, the second biggest car manufacturing company, Shahidzadeh met with the company’s CEO Saeed Madani. The banking official announced that his bank “is willing and ready to sign memoranda of understanding (MOUs) to support the auto industry.”

He stated that his bank has the infrastructure required for the financial support of the auto sector. “With the collaboration of other national and international banks financial services can be provided to auto players including SAIPA.”

With good planning, SAIPA has made notable progress in automobile and auto parts manufacturing, Shahidzadeh noted, adding that the company has successfully faced economic challenges in the past few years.

Keshevarzi Bank is one of the major financial and economic arms within the government and the Central Bank of Iran, thus it is obliged to support the employment and manufacturing sectors. It will therefore attempt to create the appropriate situation for exiting recession and the conditions to promote manufacturing, he said.  

SAIPA manager expressed hope that cooperation between the company and financial organizations will increase.

SAIPA is one of the major auto manufacturing conglomerates and has a significant role in creating jobs as well as promoting manufacturing.

Western sanctions on Iran over its nuclear energy program are among other economic reasons that have impeded manufacturing processes, thus the support of Bank Keshavarzi could help put production back in motion, Madani asserted.