Loans allocated to troubled businesses in Iran’s West Azerbaijan province

Finance Materials 4 September 2019 16:03 (UTC +04:00)

Baku, Azerbaijan, Sept. 4

By Elnur Baghishov - Trend:

A loan worth 518 billion rials (about $12.3 million) has been allocated to businesses facing problems in production in Iran’s West Azerbaijan province during the five months (March 21-August 22) of this Iranian year (started March 21, 2019), said Mohammad Dehghan, head of the province's Industry, Mine and Trade Organization, Trend reports referring to the organization’s website.

He said that the loan has been provided to enterprises that face production problems, discontinue operation or operate with small production volumes.

He added that this Iranian year, 883 billion rials (about $21 million) are planned to be allocated to unfinished projects, and 3.33 trillion rials (about $79.4 million) are planned for the upgrade and repair of facilities.

He also said that a loan worth 2.49 trillion rials (about $58.3 million) is planned to be provided as working capital to the troubled enterprises.

“Upon the completion of all planned work, 8,300 people will be employed,” he noted.