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Amount of loans for purchase of agricultural machinery in Iran expected to double

Business Materials 21 June 2023 20:00 (UTC +04:00)
Elnur Baghishov
Elnur Baghishov
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BAKU, Azerbaijan, June 21. The amount of loans to be provided by Bank Keshavarzi Iran for the purchase of agricultural machinery and related supplies is expected to increase by 2 times, over the current Iranian year (March 21, 2023 through March 19, 2024), compared to the last Iranian year (March 21, 2022 through March 20, 2023), CEO of the bank, Farshid Farrokhnejad said, Trend reports.

According to him, Keshavarzi Bank is expected to provide loans of 100 trillion rials (about $2.38 billion) for the purchase of agricultural machinery and related supplies for the current Iranian year.

“Meanwhile, in the last Iranian year, the Bank Keshavarzi Iran provided loans worth a total of 1.88 quadrillion rials (about $44.7 billion), which is an increase of 70 percent compared to the preceding year (March 21, 2021 through March 20, 2022),” Farrokhnejad noted.

The CEO added that Keshavarzi Bank helps to provide all kinds of services in the direction of increasing the production of agricultural and food products and creating food security. The bank's clients can benefit from the purchase of foreign currencies, purchase of guarantees and other services in the agriculture sector.

Overall, Iranian banks have provided loans worth approximately 150 trillion rials (about $3.57 billion) in the country’s agriculture sector during the first 2 months of the current Iranian year (March 21 through May 21, 2023).

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