TEHRAN, Iran, Sep.16
Trend:
Iran's Toseh Tavon Bank is to pay $238 million in advances to home-based businesses in the current Iranian year (started March 21, 2021), said the CEO of Toseh Tavon Bank, Trend reports citing IRNA.
Hojatollah Mahdian has indicated that the following bank is the agent bank for implementation of policies made by the Ministry of Cooperatives, Labour, and Social Welfare to provide specialized and public services and advances to home-based businesses as one of the most important programs in the current year.
He noted that the capacities of the cooperative sector could increase domestic gross production and employment in the country and the sector could have a 25 percent share in the national economy in near future.
He mentioned that the new Minister of Cooperatives, Labour, and Social Welfare is aware of different fields of economy and believes in cooperative capacities, and has considered plans for empowering them, and Toseh Tavon Bank was discussed as an important approach in this regard.
There are more than 95,000 active cooperatives with more than 1.7 million employees in the cooperative sector, 70 percent of bank advances were directed to this sector and 50 percent of bank resources belonged to cooperatives.
Banks provide 80 percent of finances to the economy and approving new regulations could form a better path in the field of banking services.
Toseh Tavon Bank is a state bank which was established in 2009, according to the approved Articles of Association and the state monetary and banking rules, with a cooperative approach, to achieve the 25 percent share of the cooperative sector in the national economy and to promote and achieve the total capacities in the cooperative sector in order to reach economic and socially stable development.