EDBI implements special plan to support exporters in face of pandemic

July 19, 2020 - 12:22

TEHRAN - Managing Director of Export Development Bank of Iran (EDBI) said that the bank has implemented special programs for supporting exporters during the pandemic, the bank’s office of public relations announced.

Speaking in a press conference on the occasion of the bank’s 29th establishment anniversary, Ali Saleh-Abadi underlined the significant role of the EDBI in supporting the exporters.

The official noted that in the face of the U.S. sanctions and the coronavirus outbreak, the bank has increased the decision-making powers of its branches to support exporters who have suffered from these conditions, and has also decreased the interest rate of the bank's facilities.

According to Saleh-Abadi, the interest rate of the bank’s facilities for knowledge-based companies is 12 percent, and EDBI has allocated 4 trillion rials (about $95.2 million) of facilities to be offered to such companies.

The official further noted that in the absence of oil money, managing the country’s economy would depend on the revenues from the country’s non-oil exports.

“Non-oil revenues are the main source of foreign currency for the country and this indicates the significance of EDBI as the major supporter of non-oil exporters,” he said.

EF/MA

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