EDBI Loans to Promote Exports

The Export Development Bank of Iran—the EXIM Bank of Iran—is set to dole out loans worth 3 trillion rials ($78.7 million) through the National Development Fund of Iran, the country’s sovereign fund, to boost the export of industrial and mining products, the bank’s official website announced. The duration of the scheme is two years, which started on July 30, with an interest rate of 11%. The ceiling of the loans for each legal entity and individual is 400 billion rials ($10.5 million) and 50 billion rials ($1.3 million) respectively. As per the scheme, EDBI would provide the aforementioned amount on condition that the shareholder’s equity ratio is not less than 20%. The shareholder’s equity ratio could be calculated by dividing the total shareholders’ equity to the firm’s total assets.