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Iran to use rural employment loan repayment funds to allocate new loans

Business Materials 31 August 2020 15:46 (UTC +04:00)
Iran to use rural employment loan repayment funds to allocate new loans

TEHRAN, Iran, Aug. 31

Trend:

Iran's Deputy Minister of Labor Issa Mansouri said that according to the announcement of the Central Bank, new loans can be paid to rural residents from the repayment resources of rural employment loans and facilities, Trend reports citing Mehr News Agency.

Mansouri said the managers of cooperatives, labor and social welfare in the country's provinces should provide reports on the latest state of rural loan repayments and rural projects.

Regarding the use of working capital for new projects, the official said the ongoing projects are in priority until the budget allows it, and then other creative projects can be pursued.

"It has been announced that the priority should be given to co-operatives in financing contracts,” he said.

Iran has been one of the countries hit hardest by the COVID-19 pandemic, recording about 375,212 confirmed cases and more than 21,571 deaths.

The coronavirus outbreak is expected to fuel a further fall in output and increase unemployment in a country struggling with a 17.8 percent youth unemployment rate.

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