Iran allocates $710 million worth of loans to agriculture sector

Business Materials 15 October 2012 14:17 (UTC +04:00)

Azerbaijan, Baku, Oct. 15 /Trend F. Milad/

Iran plans to give 14.5 trillion rials (some $1.2 million) worth of loans to those businessmen active in the agriculture sector by the end of current Iranian calendar year (March 19, 2013), the Agricultural Bank of Iran's Managing Director Mohammad Talebi said, IRNA reported.

"Iran has already given 8.7 billion rials (some $710 million) worth of loans to the applicants," the IRNA News Agency quoted Talebi as saying.

The IRNA News agency reported in April that some 150 trillion rials (over $12.2 billion) will be allocated in the current calendar year to modernise different industries in the agriculture sector, the deputy agriculture minister, Alireza Orangi said.

He said that securing healthy food, as well as boosting domestic production and income are among the results of developing the agriculture sector.

Agriculture Minister Sadeq Khalilian predicted that the country's agriculture sector would grow by nine per cent in the current calendar year which began on March 20.

He added that the sector experienced the same growth in the past two years. Some 11.4 trillion rials (around $900 million) were allocated to the agriculture sector in the past calendar year, he added.

Iran's agricultural output will reach 118 million tons by the end of the current calendar year. Agricultural output includes animal, farm, fishery and garden products, IRNA reported.

The volume of Iran's agricultural products stood at 108 million tons in the past year.