Iran discloses amount of loans issued to tea farmers

Finance Materials 28 September 2020 10:12 (UTC +04:00)
Iran discloses amount of loans issued to tea farmers

BAKU, Azerbaijan, September 28

By Elnur Baghishov – Trend:

Loans worth 300 billion rials (about $7.14 million) were issued to the tea farmers and tea factories in Iran in the last Iranian year (March 21, 2019 - March 20, 2020), Deputy Minister of Agriculture Jihad and Chairman of Central Organization for Rural Cooperatives of Iran, Mohammad Ali Tahmasebi said, Trend reports referring to the ministry's website.

The deputy minister emphasized that the loans were issued at 4 and 7 percent, and these loans were issued for a period of 4 years.

Tahmasebi added as a result of the issuance of loans, 320 hectares of tea plantations were restored and 5,000 hectares of plantations were established.

The chairman noted that at the same time, 800 tea harvesting machines and a number of the equipment for 70 factories were purchased at the expense of the loans.

It is forecasted that 130,000-135,000 tons of tea leaves will be purchased from farmers in the current Iranian year.

In Iran, some products such as rice, sugar beet, wheat, and tea are purchased from farmers by the Government Trading Corporation of Iran under a guarantee and paid for in installments.