The government has allocated 3 trillion rials ($97 million) to the Export Development Bank of Iran to provide exporters with loans at 14%, said an official in Trade Promotion Organization. The credits have been made available through the National Development Fund of Iran, Mohammad Reza Modoudi, deputy head of TPO, said on Tuesday, IRNA reported. He added that the government is planning to allocate 30 trillion rials ($970 million) to promote the export industry. “A portion of the loans are in foreign exchange, which has not been paid yet,” he said. A third of the money will be available through the annual budget and earnings through the targeted subsidies program.
