Iran's cabinet approves $245 mln in help for small manufacturers

Business Materials 6 May 2012 15:49 (UTC +04:00)

Azerbaijan, Baku, May 6 / Trend M. Moezzi /

Iran's cabinet agreed to allocate $245 million to help the country's hard hit manufacturing units.

The money will be put at the disposal of provincial governors to be spent at the direction of the Iran's Minister of Industry, Mines and Trade.

The cabinet used Article 12 in the formation of the National Disaster Management Organization (NDMO) of Iran to provide the funds. The article stipulates that in unforeseen natural disasters and accidents, the government can access 1.2 percent of the organization's annual general budget.

The money is to help manufacturing units who are in crisis for whatever reason and are facing problems in sales, competition or management.