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Iranian government to assign $10 bln to Bank of Industry and Mining

Business Materials 26 July 2011 13:55

Iran Azerbaijan, Baku, July 26 /Trend/

The Iranian President Mahmoud Ahmadinejad ordered the allocation of $10 billion from the National Development Fund to the Bank for Industry and Mining, Fars News Agency reported quoting Managing Director of Bank of Industry and Mining Mohammad Reza Pishrou as saying.

"President Ahmadinjead announced assigning $10 billion from the national development fund to the Bank of Industry and Mining on Monday night", he said.

The Bank of Industry and Mining will offer loans and credit to industrial mergers.

The government's budget plan during the current solar year (Started on March 20, 2011) predicted allocating $10 billion to the agricultural sector from the national development fund and $2 billion to the transportation system.

It is expected that $4 billion will be assigned to foreign investors, while the commerce minister recently said that $2 billion from the national development fund will be allocated to exports.

According to reports the government approved allocating $2 billion from the national development fund to various plans in the country's provinces during the last solar year (ended on March 20, 2011).

According to article 84 of the Fifth Development Plan (2010-2015), the national development fund is established to transform oil and gas revenues into productive investment for future generations. Any attempts to pay government debts from this fund are considered illegal.

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