Iran to allot $375,000 worth of loans to car industry
Azerbaijan, Baku , Nov. 25/ Trend F.Milad/
Some 4.6 trillion rials (some 375,000 dollars) worth of loans will be allocated to the car parts manufacturers this week officials with Iranian Auto Parts Manufacturers Association said on Sunday.
Two banks are in charge of giving the loans, the ISNA News Agency quoted Mohammad-Reza Najafi as saying.
Iran's car output in the first six months of the current calendar year (ended on September 21), fell by 42 percent compared to the same period last year.
Iran's automobile market is highly protected against imports, allowing import of only 40,000 vehicles last year, despite steadily growing demand mostly met through domestic production of some 1.6 million cars per year.
Iran imported some 23,000 cars in the first seven months of the current Iranian calendar year (ended on October 21), head of Iran's Costums Administration said earlier this month.
The figure shows 12 percent increase compared to the same period previous year, the IRNA News Agency quoted Abbas Memarnejad as saying.
The cars were mainly imported from the South Korea and China, he added.
Currently there are an estimated 14 million vehicles on Iran's roads, more than double of the six million registered in 2005.
Iran plans to manufacture at least three million cars by 2025 and export some one million sets, the Fars News Agency quoted Industry, Mine and Trade Minister Mehdi Ghazanfari as saying on June 16.
"Some 1.6 million cars were manufactured in the past calendar year and 55.000 cars were exported," Ghazanfari said.