TEHRAN – The Iranian cabinet has given the go-ahead to the Ministry of Economic Affairs and Finance to guarantee repayment of foreign loans to finance 11 industrial projects in accordance with relevant regulations.

On Sunday, First Vice President Parviz Davudi informed officials of the national banking system about the bylaw on qualified mid-term and long-term financial facilities to guarantee repayment of project costs up to €500 million, the Persian service of ISNA reported.

The Finance Ministry will also take care of transaction fees, related expenditures, and additional costs.

The issuance of sureties by the Finance Ministry is contingent upon acquisition of sufficient deposits or payment of installments in equivalent domestic currency with the approval of the Management and Planning Organization (MPO).