Nearly $420m of facilities allocated to production units in 2 months

June 13, 2020 - 14:5

TEHRAN – Iranian Industry, Mining, and Trade Ministry announced that a total of 17.6 trillion rials (about $419.04 million) of facilities have been allocated to support 465 production units in the first two months of the current Iranian calendar year (March 20-May 20).

As reported by IRNA, under the framework of the production and employment program, 168 units were introduced to the country’s acting banks in the mentioned two months, of which 69 units received facilities worth 2.8 trillion rials (about $66.6 million).

Following a program to support domestic production in the previous Iranian calendar year (ended on March 19) which was called the year of “Pick-up in Production” by the Leader of the Islamic Revolution Seyed Ali Khamenei, over 15 months from February 20, 2019, to May 20, 2020, a total of 2,500 production units were referred to the country’s acting banks, of which 737 units have received facilities amounted at 40.4 trillion rials (about $961.9 million).

According to the data provided by the Central Bank of Iran (CBI), the Iranian banking system paid 9.749 quadrillion rials (over $232 billion) of facilities to domestic economic sectors in the past Iranian calendar year, 26 percent more than the preceding year.

Last year, the Industry Ministry implemented several programs for promoting domestic production and increasing exports which included supporting small and medium-sized enterprises (SMEs) and reviving the country’s idle production units.

The ministry is continuing to pursue the mentioned programs in the current Iranian calendar year which is called the year of “Surge in Production by the leader.

In this regard, CBI has been supporting the ministry by offering facilities to the production sectors.

Back in May, CBI Governor Abdolnaser Hemmati said promoting domestic production is the main priority of the country’s banking system in the current Iranian calendar year.

Hemmati mentioned the CBI strategies for supporting domestic production, saying: “The Central Bank has taken effective measures, including granting facilities to production companies, small and medium enterprises, and knowledge-based companies to support this sector.”

EF/MA

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