Iran reveals volume of investments in employment loans

Business Materials 29 March 2020 15:33 (UTC +04:00)
Iran reveals volume of investments in employment loans

TEHRAN, Iran, March 29


Iran's National Development Fund has provided around $2 billion for employment advances that allowed to create 250,000 jobs so far, said the director of the employment development department at Ministry of Cooperatives, Labor and Social Welfare.

"Advances were provided to applicants in agriculture, mine and industry sectors as well as to rural villages; meanwhile, provinces should prepare the necessary infrastructure to properly provide the advances to the candidates," said Ramin Asadi, Trend reports citing IRNA.

"The implementation of the plan to provide advances started in 2017 with the objective to invest in employment in villages, promote production, solve the unemployment issue and reduce immigration to big cities," the director added.

"During the past three years, the advances were paid to banks in four stages; they will be assigned to applicants based on their documents and qualifications," Asadi said.

"In the first stage, the National Development Fund paid $375 million to banks in January 2018, while other installments followed until March 2019," the official added. "The fund is to pay more advances to the banks after evaluation of their functions in regards to providing advances to applicants."

"From the payments, the banks provided advances worth $2 billion which were paid to applicants for creating jobs," he said.