Economy, Business And Markets

Credit for Cooperatives Sector

Credit for Cooperatives SectorCredit for Cooperatives Sector

Tose’e Ta’avon Bank (Cooperative Development Bank) is set to allocate 42 trillion rials ($1.12 billion) in loans to the cooperatives sector, the bank’s CEO announced.”Fifty trillion rials ($1.33 billion) worth of loans were given by TTB last year, 70% of which (35 trillion rials ($940 million) were allocated to the cooperatives sector,” Hojjatollah Mahdian was also quoted as saying by Mehr News Agency. Mahdian added that TTB has decided to allocate 60 billion rials ($1.60 billion) in total loans, 42 billion rials ($1.12 billion) of which will go to the cooperatives sector in the current fiscal year that started on March 21.  Founded in 2009, TTB’s major goal is to provide credit to boost the cooperatives sector’s share in the national economy.


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