Economy, Business And Markets

Farming Loans

Farming  Loans Farming  Loans

Bank Keshavarzi gave farmers over 1.8 trillion rials ($55 million based on market rate) in loans in the past four months to buy machinery. The loans have 17 percent interest rate and an average repayment period of five years depending on the type of the machinery the farmers may purchase. Half of Iran’s farming machinery is beyond their service life. Earlier, the ministry of agriculture ordered Bank Keshavarzi to give out eight trillion rials ($245 million) in loans to farmers to purchase machinery, says the bank’s CEO.