$7b Credit Line for Industries
Economy, Business And Markets

$7b Credit Line for Industries

Having prepared the infrastructure for exiting recession, the ministry of industry, mine, and trade has opened $7 billion worth of credit line for industrial and manufacturing projects, deputy minister Hossein Abooei Mehrizi announced on Sunday.
Given the fact that international developments seem rather positive, the figure may increase in the current fiscal year, which started March 21, he said, referring to the nuclear framework agreement reached between Iran and the six world powers which seeks to resolve a 12-year nuclear dispute over Tehran’s nuclear power program.
The official was referring to the fact that international relations may expand if a final deal is reached between Iran and the P5+1 (the five permanent members of UN Security Council plus Germany) by the June 30 deadline.
President Hassan Rouhani has repeatedly pointed out the importance of boosting exports, thus manufacturing units potential to export products will be given priority in receiving loans, Financial Tribune’s sister news website Eghtesad News reported.  
With the assistance of the Bank of Industry and Mine and the National Development Fund of Iran, new measures will be taken for providing loans to industrial sectors, the official stated.
“As an example, plans are in place to activate the capital market and to offer Sukuk bonds (financial certificates like bonds which comply with Sharia or the Islamic law),” he added.
The deputy minister also said that if Iran’s ties with the world improve, the industry ministry plans to attract over $3 billion in foreign investment. In order to prepare the needed conditions for the scheme, “increasing added value in industrial and mining sectors is an indispensable prerequisite.”
The official asserted that in the current fiscal year, the main focus of the ministry will be to complete half-finished projects and enhance value chains. 

Short URL : http://goo.gl/pClMHG

You can also read ...

Europe May Tap Cryptocurrencies to Shield Iran Against US Sanctions
The European Union may opt for digital currencies in its...
Iran’s net hot-rolled coil consumption was 5.6 million tons in 2017, of which 0.8 million tons were imported.
Russia and Kazakhstan are temporarily stepping back on sales...
Secondary Forex Market: Corruption Loopholes Abound
Two goals set have been set for the recent establishment of...
EU foreign policy chief, Federica Mogherini, hailed the imposition of the blocking statute on Monday as a “consistent step forward”.
As it races to save the Iran nuclear deal, the European Union...
Deputy Economy Minister Defends Gov’t Forex Policy
The government’s policy to allocate dollars and euros to...
Hashtgerd Subway Station Construction Underway
Iranian authorities are pushing ahead with construction plans...
Colza Production Exceeds Expectations
The government has purchased more than 300,000 tons of colza...
Interbank Rate Tweak to Impact Interest Rates
Officials at the Central Bank of Iran have announced the...