Iranian bank allots 400 million Euro to cement industry

Business Materials 28 January 2013 16:40

Azerbaijan, Baku, Jan.28 / Trend F.Milad /

Iran's Bank of Industry & Mine has allocated some 400 million euros to complete 15 cement projects in the past 3 years.

The bank has financed 38 percent of Iran's cement projects, the IRNA News Agency reported.

By financing industrial projects, the bank has created some 4,500 direct job opportunities.

Bank of Industry and Mine is an Iranian government owned specialized bank located in Tehran, Iran. It endeavors to increase economic growth through the development of industry and mining.

Its purpose is to be an economic enterprise, providing banking facilities, development and investment in order to advance Iran's economy.

It aims to promote the participation of the private sector in the fields of industry, mining, modern technologies and their associated services.

Deputy Iranian Industry, Mine, and Trade Minister, Vajiollah Jafari, said last month that by reaching the annual output capacity of 115 million tons, Iran will become world's third largest cement producer in the coming years.

Iran's cement output will reach 75 million tons by the end of current Iranian calendar year (March 19, 2013), Jafari said.

Iran plans to increase its cement output up to 85 million tons by the end of the next Iranian Calendar year (March 19, 2014), he added.

Iran cement production surpassed 49.14 million tons of cement in the first eight months of the current Iranian calendar year, which began on March 20.

The figure shows 6 percent increase in comparison to the same period of time previous year, the IRIB News Agency reported on December10.

Iran also exported over 9.38 million tons of cement and clinker in the mentioned period, showing 30 percent growth compared to the same period last year.

Some 8.246 million tons of cement and 1.136 million tons of clinker were exported during the mentioned period.

Iraq, Central Asia, UAE and Afghanistan were the main targets for the exported cement and clinker.

Iran's cement production capacity currently stands at 86 million tons.

Iran with total production of 66 million tons ranked as the world's fourth largest cement producer in 2011, the managing director of Fars & Khuzestan Cement Company said on October 24.