Economy, Business And Markets

Iran to Establish Development Bank

The president will act as the chairman of the bank’s board of trustees and other members include the minister of economic affairs and finance, the head of Plan and Budget Organization and the governor of the central bank
Iran to Establish  Development Bank
Iran to Establish  Development Bank

Iran Development Bank will be established in the foreseeable future to meet the country's production and manufacturing needs and foster job creation and thwart the fallout of the reimposition of US sanctions.
The plan to establish the bank was approved by the parliament on July 25, ICANA, the official news outlet of the parliament, reported. Later, IBENA, a website affiliated with the Central Bank of Iran, disclosed more details of the plan.
"One of the major challenges of Iran is that because of the government's increasing current expenses, it is not possible to adequately finance the establishment of necessary, wealth-creating and job-creating infrastructures through public government funds," reads the introductory section of the plan. 


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