Iran's National Development Fund to loan $21 bln to investors

Business Materials 15 September 2011 12:21

Azerbaijan, Baku, Sept. 15 /Trend A.Qurbanova/

The National Development Fund is ready to lend $21 billion to industrial units and investors, IRNA reported, quoting the Governor of Central Bank of Iran Mahmoud Bahmani.

"Unfinished plans should be completed and loans and banks should place investors as their priorities," he said.

Loans and facilities will increase production, and reduce prices and inflation rates. In the meantime, banks can receive collateral to avoid facing loss against the chances of a project's failure, he added.

Iran seeks to attract investors to complete its projects - so far it has attracted $3.7 billion in foreign investment during the last solar year, which ended on March 20, 2011, with 24 percent growth.

Iran has the world's second largest gas reserves and places third in oil reserves. The country currently faces US sanctions over its nuclear program.

U.S. Congress approved financial sanctions against Iran in 2010, imposing strict conditions for foreign investors and financial firms and preventing them from investing more than $20 million in Iran's oil and gas industries.