Iran’s production sector needs financial aid from banks

Business Materials 24 February 2019 16:43 (UTC +04:00)

Tehran, Iran, Feb. 24


Iran Minister of Industries, Mine and Trade has announced that the country's mine sector is paying 62 percent of tax and huge amount of insurance payment for workers and now it needs the aid of banks to boost production.

Speaking with the deputy of Central Bank of Iran and other bank CEOs, Reza Rahmani said that export is the moving engine of country's economy in next Iranian year (March21, 2109), Trend reports citing IRNA.

"The government’s priority is to pay loan to production units that are producing raw material for essential products that are being exported and have high number of employees,” he added.

Referring to the problems of industrial sector, he said many production units have the possibility to produce and export their products alongside domestic consumption, but due to lack of liquidity and working capital, they have faced with problems.

“Some of the industries are now considered old due to high energy consumption and environmental issues and require renovation,” he said.

"The sector would have asked for financial aid from the National Development Fund to modernize the industries, but it cannot due to current sanction situation,” he added.

Iran has implemented the policy to promote and support domestic production according to so called economic resistance plan.