Economy, Business And Markets

$436m in Industrial Funding

$436m in Industrial Funding$436m in Industrial Funding

The Bank of Industry and Mine has funded 23 industrial projects in six months beginning March 2014.

The bank financed loans and other financial facilities in Euros, Yens and rials. The bank funded 916 billion rials, €324 million and ¥250 million of facilities for these projects.

The total value of these loans is $436 million (rial loans exchanged at government's official rate). These loans led to the finishing of these 23 industrial projects.

Most of the financed projects were from the metals, cement and ship building industries.

The Bank of Industry and Mine plans to finance 40 industry and mining projects by the end of this fiscal year which ends in March 20, 2015. These projects require $950 million in foreign currency in total. Also, they will directly employ 4,500 people.

According to the banks public relations office it is funding the construction of a specialized neurosurgery hospital in Tehran.

The bank is a state-owned specialized bank. It seeks to help economic growth through the development of industries and mining.

It is an economic enterprise, providing banking facilities and investment to advance the economy. The bank also aims to promote the participation of the private sector in industry, mining, modern technologies and associated services.