Economy, Business And Markets

$4b in Development Loans

$4b in Development Loans $4b in Development Loans

Since the beginning of the fiscal year (March 21, 2014), the Bank of Industry and Mine has provided $4 billion in loans through a Chinese credit line for the development of national projects including Isfahan-Tehran express train.  The financing “shall help further the national projects,” said the bank’s credit deputy, Gholam Abbas Nematollahi.  According to the deputy, the bank will also provide an added $4 billion in loans for eight steel projects and additional railway projects. The loans will also be earmarked for Tehran-Mashhad railway and numerous subway projects in major metropolises. Founded in 1959, the Bank of Industry and Mine is an Iranian state-owned specialized bank endeavoring to increase economic growth through helping develop industrial and mining projects. The bank also seeks to promoting the participation of the private sector in industry, mining, modern technologies and their associated services.