Marine Industries Seek Loans

Marine industries have applied for one trillion rials ($31.6 million) in loans from banks since the beginning of the fiscal year in March, said the head of the Fund for Development of Marine Industries. Mehrdad Mozafari added that 40-50% of applicants had received credits until September 21, Fars News Agency reported on Sunday. Noting that the industry is suffering from financial constraints, Mozafari said “marine industries at least need $1 billion a year.” The official added that Bank Saderat Iran, Cooperatives Development Bank and Bank Refah have agreed to lend 2.1 trillion rials ($66.4 million) to marine industries.