Loans to Boost Marine Industries

Iran’s maritime businesses are to receive loans worth 2 trillion rials ($52.5 million) during the current fiscal year (ending March 20, 2018), the head of the Fund for Development of Marine Industries announced. “Up until now, 1.2 trillion rials ($31.5 million) have been allocated to marine Industries,” Mehrdad Mozaffari was also quoted as saying by IRNA. Interest on the loans is between 10-12%, but knowledge-based firms could anticipate a single-digit interest rate. The official also unveiled two agreements with China National Machinery Industry Corporation and a Singaporean company.”The Singaporean firm is ready to finance projects valued at €400 million ($477 million),” he said, without naming the company. Mozaffari elaborated on another agreement and said the Chinese Company would finance 85% of the cost of viable projects specified by Iran.