Rural Loan Rates Announced

The interest rates of entrepreneurship loans in rural and nomadic areas have been fixed at 8%, 6% and 0% respectively depending on their circumstances, the rural development deputy at the Presidential Office announced. Seyyed Abolfazl Razavi added that if several families in the country’s border areas engage in an entrepreneurial project, they do not have to pay any interest for their loans, IBENA reported. The Iranian Parliament approved a bill allowing the government to take out $1.5 billion from the National Development Fund of Iran for creating jobs in rural and nomadic areas in the current fiscal year (March 2017-18). According to Razavi, Agriculture Bank and Tose’e Ta’avon Bank, as well as Omid and Agriculture Development funds, have been selected as agent banks to allocate the loans.