Iran's government to aid finances to automakers in Kerman Province

Business Materials 2 January 2020 09:51 (UTC +04:00)

TEHRAN, Iran, Jan.2


Iran's government is set to provide financing to partially cover the liquidity of the Kerman Khodro Industrial Group, while the Ministry of Industry, Mine and Trade will try to solve the automaker's problems, said deputy minister Saeed Zandi, Trend reports via IRNA.

Zandi said the government will provide financial help to automakers in Kerman province, adding that Kerman Khodro Industrial Group and Bam Automobile Company are allowed to register for auto pre-sale of cars.

"Kerman province has not been successful in improving production and needs financial assistance," he said.

"The country's industrial sector in the current Iranian year (began March 21, 2019) requires about $85 billion of working capital and $15 billion of fixed capital," Zandi added.

"Iran's Melli Bank has assigned about $11 billion to main industries in the country that would help other industries indirectly as well," he said.

Zandi went on to add that National Development Fund of Iran will provide financial aid in rials to banks, which in turn will provide advances to industries.