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Iran allocates $10 billion to Mines & Industries

Business Materials 10 July 2011 12:03
Iran allocates $10 billion to support Mines and Industries in current solar year (started on March 20,2011) in forms of loans with 2 percent interest rate

Azerbaijan, Baku, July 10 /Trend/

Iran allocates $10 billion to support Mines and Industries in current solar year (started on March 20,2011) in forms of loans with 2 percent interest rate, Fars News Agency reported deputy of Mines and Industries Minister Vajihollah Jafari as saying.

"The government is determined to inject 30 percent of cutting subsidies to productive sector and witness allocation of $10 billion to this sector in form of loans," he said.

Iranian government cut subsides in December 2010. It is predicted that government earn $62 billion from removing subsides. 50% of this figure will be transfer to people's bank account as compensate of cutting subsides, 30 percent will be allocated to construction sector and remained 20 percent will spend for government expenses.

Iran Chamber of Commerce Industries and Mines plans to boost economic infrastructure and productivity in line with the Fifth Development Plan by aid of private sector.

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