BAKU, Azerbaijan, April 2
By Elnur Baghishov - Trend:
The capital of Iran's Keshavarzi Bank has been increased by 20 trillion rials (about $470 million), said Director General of Export Development Department of the Iranian Ministry of Agriculture Jihad Shahrokh Shajari, Trend reports citing the ministry.
According to Shajari, the bank's capital has been increased with the support of the Iranian Ministry of Economic Affairs and Finance, the Planning and Budget Organization of Iran and the Central Bank of Iran.
Shajari added that thus, the capital of Keshavarzi Bank increased by 111 trillion rials (about $ 2.64 billion).
The deputy minister said that the increase of bank's capital this year (starting March 20, 2020) will result in significant support for the agricultural sector.
Keshavarzi Bank of Iran is assisting the agricultural sector with loans and various support projects.
The Iranian Ministry of Agriculture said that about 117.7 million tons of products were produced in Iran during the year before last (from March 21, 2018 to March 21, 2019).