Around 80 percent of debt to Iranian soybean producers paid off

Business Materials 21 November 2018 14:26 (UTC +04:00)

Baku, Azerbaijan, Nov.21

By Elnur Baghishov, Leman Zeynalova - Trend:

Around 3,725 tons of soybeans worth more than 86 billion rials (over $2.04 million) has been delivered to Iran’s Cereal and Trading Services Company Zone 2 in sowing period of the current Iranian calendar year that began on March 21, 2018 in Iran’s Mazandaran province, said executive director of the company Mohammad Jafari.

To date, the company has paid 80 percent or 68.69 billion rials (around $1/63 million) of its debt to soybean producers, ILNA quoted him as saying.

The company’s executive director noted that the remaining 17.31 billion rials (more than $412,000) will soon be paid via Bank Keshavarzi Iran.

Currently Food and Agriculture Organization (FAO) is implementing a Technical Cooperation Project (TCP) in Iran entitled "Building Capacity toward Sustainable Intensification of Oilseed Crops in Iran, addressing the Soybean Value Chain" that aims to catalyze a national effort to build public and private sector capacity to harness and tune innovations in sustainable oilseed crop production and its utilization along each value chain, while integrating the new technologies into cereal-based systems.

The project also supports 'institutional innovations' by fostering multi-stakeholder alliances through a new steering committee that includes professionals from major oilseed crops with particular emphasis on soybean. Similarly, it will facilitate the creation of an Advisory Board/Council for the oilseed crop sub-sector, including participation of one or more international experts to ensure strategic alliances with research and development institutions outside of Iran.