Over $1.5b earmarked for non-oil exports, development projects

June 12, 2016 - 17:39

Iran allocated 55 trillion rials (about $1.586 billion) to promote non-oil exports and implement development projects, ISNA reported on Sunday.

Of the mentioned fund, which was earmarked by the board of trustees of the National Development Fund (NDF) on June 7, 25 trillion rials (about $721 million) was allocated as facilities to the promotion of non-oil exports and 30 trillion rials (about $865 million) was allocated as the floating capital to the implementation of development projects in the agriculture and industry sectors.

The government had previously notified an incentive package for the support of non-oil exports and the fund allocated by the NDF is expected to flourish exports of non-oil goods.

Iran’s non-oil exports value with a 20% increase is planned to reach over $50 billion in the current Iranian calendar year (which will end on March 20, 2017), IRIB quoted Iranian Industry, Mining and Trade Minister Mohammadreza Ne’matzadeh as saying on May 28.

Mentioning that 32 countries have been already determined as export targets, the minister added, “According to the policies of resistance economy, comprehensive and goal-oriented support of exports and exporters is emphasized.”



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