BAKU, Azerbaijan, May 16
By Elnur Baghishov - Trend
The Export Development Bank of Iran has planned to issue loans worth of 2 trillion rials (about $47.6 million) primarily for the export of agricultural products, Trend reports citing the bank’s website.
According to the bank, a corresponding agreement was signed between the Export Development Bank and the National Development Fund of Iran for a period of two years.
“The purpose is to support the development of Iran's non-oil exports,” the report said.
The maximum working capital for individuals is 50 billion rials (about $1.19 million), and for legal entities - 400 billion rials (about $9.5 million).
"The interest rate on the loan under the agreement will be 11 percent," the statement said.
“The loans can be issued to Iranian citizens who have obtained necessary permits from relevant bodies, registered cooperative enterprises, and economic enterprises affiliated with non-governmental organizations,” the bank said.
Since 2012, the Export Development Bank of Iran, together with the National Development Fund of Iran, has been taking steps to provide loans in local and foreign currency to support the development of Iran's non-oil exports and provide low-interest loans to exporters since 2012.
Earlier, the bank signed a similar agreement with the National Development Bank of Iran to provide a loan of 2 trillion rials (about $47.6 million) to support the export of industrial products.