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Iranian bank allocates $1.2B to farming projects in autumn

Business Materials 26 October 2014 15:02 (UTC +04:00)

Baku, Azerbaijan, Oct. 26

By Fatih Karimov - Trend:

The Agricultural Bank (Bank Keshavarzi) of Iran allocated $1.2 billion to farming projects to be realized in autumn.

The bank's governor, Mohammad Talebi said the money will be paid in loans to farmers across the country at 17 percent interest rate, the Fars news agency reported Oct. 26.

In Aug., Talebi said it is expected that $8 billion in loans will be paid by the end of the current year. The current Iranian calendar year began on March 21.

The US dollar's exchange rate to the Iranian rial is about 32,000 rials in Iran.

On May 28, Iranian Agriculture Minister Mahmoud Hojjati said that attracting sufficient capital for expansion of agricultural industries meeting international standards are among priorities of his ministry.

The Iranian government provided all the necessary grounds for the activity of foreign investors in the country, he noted.

He further said that agricultural crop in Iran amounts to 90 million metric tons annually.

Iran offered incentives to foreign investors. The package of incentives covers a wide range of issues - from tax exemptions to providing facilities, according to Press TV channel.

The Iranian officials said the foreign investors in agriculture sector will not have to pay any taxes; meanwhile the foreign investment in industry and mining will be exempted up to 80 percent.

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