74389
$7.5b in Loans to for Industries
Economy, Domestic Economy

$7.5b in Loans for Iran Industries

The Iranian government is extending financial support to tackle industrial recession.
According to Minister of Industries, Mining and Trade Mohammad Shariatmadari, the government is providing 300 trillion rials ($7.5 billion) to renovate industrial units and promote production in the current Iranian year (ending March 20, 2018), IRNA reported.
This is while President Hassan Rouhani’s first administration (2013-17) pursued the same policy by allocating huge amounts of finance to reinvigorate low-functioning, half-idle factories.
In January 2017, it was announced that 20,000 industrial units had emerged from recession since March 2016.
“About 140 trillion rials ($3.5 billion) worth of loans have been granted to small- and medium-sized enterprises for their reactivation,” deputy industries minister, Reza Rahmani, said.
The loans were part of a stimulus plan prepared by the government’s economic team, based on which loans worth 160 trillion rials ($4 billion) were to be given to struggling SMEs in the industrial and agricultural sectors.
Sonya Pouryamin, an advisor to industries minister, said the government has also helped revive factories whose production had stopped.
Some 88,000 manufacturing units are active in 992 industrial parks across Iran, which account for 42% of all employment in the industrial sector.
It is estimated that 96% of these businesses are considered small- and medium-sized.
By definition, enterprises run by 100 workers or less, and 50 workers or less are considered small- and medium-sized respectively, according to Iran’s Small Industries and Industrial Parks Organization.
According to the Central Bank of Iran, the “industry sector” expanded 6.9% last fiscal year—a remarkable improvement compared to the 4.6% contraction registered a year before.
The overall GDP growth for the period stood at 12.5%, including the growth in oil sector, and 3.5% without it.

Short URL : https://goo.gl/8JenUf
  1. https://goo.gl/sqZxZo
  • https://goo.gl/U2smUe
  • https://goo.gl/6iZESG
  • https://goo.gl/CzjuSU
  • https://goo.gl/BNiNjA

You can also read ...

Economic War on Iran Is War on Eurasia Integration
Hysteria reigned supreme after the first round of US sanctions...
German Rail Operator, Deutsche Telekom End Iran Projects
German rail operator Deutsche Bahn and Deutsche Telekom are...
Emirati Paper: Baghdad Expected to Maintain Strong Economic Ties With Tehran
Iraq’s ties with Iran are likely to grow stronger as a result...
 New ATR Planes Join Iran Air Fleet
The ATR 72-600 planes recently delivered to Iran Air have...
Decline in Forex  Rates Expected
While the foreign exchange rates are still considered bullish...
NZ Exporters Wary of Rising  US-Iran Trade Tensions
New Zealand exporters are looking to worsening US-Iran...
 TPO Clarifies Import Ban List to Foreign Traders
The recent ban imposed on the import of certain products has...
Australian Teen Hacked Apple’s Computer Network
An Australian teenager has pleaded guilty to hacking into the...

Add new comment

Read our comment policy before posting your viewpoints

Trending

Googleplus