Economy, Business And Markets

8 Capital Projects Funded by EDBI

8 Capital Projects Funded by EDBI8 Capital Projects Funded by EDBI

The Export Development Bank of Iran (EDBI) provided funding for eight national development projects in the fiscal year ending March 20, IRNA reported on Saturday.

Apart from the projects, EDBI also provided investment loans for export-based businesses, the report said.

Iran Alloy Company was among the projects receiving 48 million euros as well as 3,500 billion rials from the bank to help increase steel production by up to 200,000 tons. The project is expected to create 400 direct and 1,000 indirect jobs.

EDBI also contributed 2.3 million euros to a pharmaceutical development project by Damloran Razak Company. The contribution is to be used for the procurement of machinery and equipment. The total value of the project is 153 billion rials. About thirty different types of human and animal medicine are expected to be produced by the company.

EDBI and Iran-Venezuela Joint Bank provided 450 billion rials and $34 million in loans respectively for the establishment of a coke-making plant in Tabas. The project aims to make Iran self-sufficient in coke production and is expected to create at least 400 direct jobs.

EDBI also allocated 100 million euros from the National Development Fund of Iran (NDFI) to Salman Farsi Petrochemical Complex, expected to create 500 new jobs.

The Shiraz metro project was another project that received $30 million from the NDFI and EDBI.

Among other projects receiving funding from EDBI was Sange Toodeh dam and power plant in Tajikistan, the report said without specifying the amount of finance provided to the project.

EDBI provided $37 million plus 481 billion rials in finance to an energy transition project to Iraq and 700 billion rials for the Imam Khomeini International Airport hotel, according to the report.