Over $468m of facilities paid to production units in H1
Iran’s Ministry of Industry, Mining and Trade has announced that 19.679 trillion rials (over $468.5 million) of facilities were paid to production units as part of a program for supporting domestic production during the first six months of the current Iranian calendar year (March 21-September 22).
The mentioned payments were made to 215 production units, IRNA reported.
Based on the Industry Ministry data, some 404 production units based in 31 different provinces had registered for bank facilities in the mentioned six months.
As reported, under the framework of this program dubbed “facilities for production and employment”, bank facilities are offered to newly established production units or semi-finished industrial projects with over 60 percent of physical progress.
Based on the mentioned program, 201.299 trillion rials of facilities (about $4.79 billion) have been planned to be paid to production units to support domestic production and maintain or create job opportunities.
Part of the said figure is provided by the National Development Fund (NDF) and part of it is supplied by the banking system.
Over 7,830 production units have registered for bank facilities since the program started in late Iranian calendar year 1397 (ended in March 2019). The program kicked off in February 2019 by the Industry
Ministry in collaboration with the Central Bank of Iran (CBI).
Following a major plan for developing the country’s production under the frameworks of the resilient economy, the government has defined several projects with the aim of creating 1,032,962 job opportunities.
In this regard, CBI has put supporting production on the agenda as a major plan over the past two years.
Latest CBI data show that the country’s banking system paid 12.41 quadrillion rials (over $295.49 billion) of facilities to domestic economic sectors in the first six months of the current Iranian calendar year to register a 57.9-percent rise from the same period in the previous year.
Banks had paid 5.952 quadrillion rials (about $141.7 billion) of facilities to domestic economic sectors in the previous calendar year’s first five months.
Source: Tehran Times
Related News
Top News
Australia’s CEFC invests $75m in homegrown critical minerals
Glencore in talks to sell Philippine copper smelting unit
BHP seeks Brazil growth to emerge from shadow of mining disaster
Rasul Khalife Soltani, Secretary of the Iranian Steel Producers Association on the sidelines of the 1403 Steel Symposium:
Mobarakeh steel is producing green steel through scrap recycling
Norilsk Nickel plans to sell all it produces in 2025
Volkswagen buys 9.9% of Patriot Battery Metals for $48 million
India’s record gold import said to be due to calculation error
Iron ore posts weekly gain as investors assess fresh Beijing stimulus
Norge Mining acquires Europe’s largest natural graphite producer
Nickel price hits 4-year low as gloom offsets potential Indonesia cuts
Mercuria partners with Zambia on metals trading venture
Sibanye raises $500m via metals streaming deal with Franco-Nevada
Triple Flag to acquire royalty on Tres Quebradas lithium project
Volkswagen buys 9.9% of Patriot Battery Metals for $48 million
Aluminum price falls to one-month low in wider commodity slump
India’s record gold import said to be due to calculation error
Glencore in talks to sell Philippine copper smelting unit
Rio Tinto, BHP, and BlueScope to build ‘green iron’ plant
Arcadium Lithium investors sue miner over Rio Tinto takeover
Sibanye raises $500m via metals streaming deal with Franco-Nevada
Triple Flag to acquire royalty on Tres Quebradas lithium project
Volkswagen buys 9.9% of Patriot Battery Metals for $48 million
Aluminum price falls to one-month low in wider commodity slump
India’s record gold import said to be due to calculation error
Glencore in talks to sell Philippine copper smelting unit
Rio Tinto, BHP, and BlueScope to build ‘green iron’ plant
Arcadium Lithium investors sue miner over Rio Tinto takeover
Skeena advances Eskay Creek permitting, unlocks Orion funding
