Agribank Extends 21% More Loans

Iran’s Keshavarzi Bank, also known as Agribank, has granted 290 trillion rials ($6.19 billion) worth of loans to farmers since the beginning of the current Iranian year (March 21, 2017), which is 21% more compared with the similar period of last year, the CEO of the bank, Rouhollah Khodarahmi, said on Saturday. The chief executive said that under the country’s current economic circumstances, the bank has prioritized projects related to installation of modern irrigation systems, expansion of greenhouses, agro mechanization, fisheries and cage fish farming, as well as completing agricultural products’ value chains and supporting the cultivation of staple foods as the prime candidates for loans, ILNA reported. Agriculture Minister Mahmoud Hojjati said the agriculture sector now accounts for 12-13% of Iran’s gross domestic product, adding that the sector has created 19-20% of all the jobs in the country. The latest data released by the Statistical Center of Iran show agricultural production grew by 4.2% during the first half of the current fiscal year (March 21-Sept. 22) compared with last year’s corresponding period.