54448
$53m in Loans for Nomads
$53m in Loans for Nomads

$53m in Loans for Nomads

$53m in Loans for Nomads

National Development Fund of Iran, the sovereign wealth fund, is increasing its support for Iranian nomads through the Iranian Nomads Organization.  NDF, which invests Iran’s saved up petroleum earnings, is extending 2 trillion rials (about $53 million at market exchange rate) in cheap loans to nomadic tribes, IRNA reported. “This year’s loan amount is a step up from the prior year, when 1 trillion rials were set aside for lending to nomads, 75% of which have been lent,” said Karamali Qandali, INO’s chief. The money will be lent as five-year loans with a 4% annual interest, like last year. The loans are significantly cheap. Currently, banks lend money at upwards of 20% interest and government bond yields are over 21% per annum. Iran’s nomads produce meat and dairy products, along with handicrafts.  According to Qandali, they account for a quarter of Iran’s red meat production.  INO is a government organization that seeks the development of nomadic standard of living, with loans, education programs and technical assistance.

 

Short URL : https://goo.gl/BUjhUq
  1. https://goo.gl/cv9wQL
  • https://goo.gl/ouFvJx
  • https://goo.gl/TxAb3Z
  • https://goo.gl/KyBm3E
  • https://goo.gl/XWWmgD

You can also read ...

FAO Forecasts Iran’s Cereal Output to Rise 12% in 2018
Despite autumn dryness, crop conditions recovered in Iran and...
Iran's Summer Box-Office Revenues Exceed $5 Million
Iran’s box-office revenues exceeded 610 billion rials ($5.19...
Hot Autumn for Tehran Stocks
Tehran stocks rose solidly on Sunday, recording another all...
Iran Housing Market Bracing for Double-Dip Recession: Aug-Sep 2018 Report
New data show property deals in Iran are on a downward...
Mobile Internet Services Get Costlier in Iran
Major mobile operators MTN-Irancell and Mobile...
SCI Puts Iran's YOY Inflation at 25.7%
The goods and services Consumer Price Index for the month...
Iran Agrifood Exports Rise 27% to Record High of $2.6 Billion
Around 2.94 million tons of agricultural and food products...
Iran's Trade With Italy Tops $590m
Iran traded 389,963 tons of non-oil commodities worth $594.82...

Add new comment

Read our comment policy before posting your viewpoints

Trending

Googleplus