Hotel owners will receive loans from the National Development Fund of Iran to renovate their establishments under certain terms and conditions. Qualified applicants, who are financially stable and not indebted to any bank, will receive loans, according to Saeed Shirkavand, the deputy for planning and investment at Iran’s Cultural Heritage, Handicrafts and Tourism Organization. The renovation loans will be available to hotels in every province. NDFI generally offers loans with a 14% interest rate, which is considerably lower than the 24% rate charged by banks, according to the Persian daily Donya-e-Eqtesad.
