Iranian banks secure $9 billion for domestic projects

Iran Materials 14 January 2012 14:32 (UTC +04:00)

Azerbaijan, Baku, Jan. 14 / Trend F.Milad/

The National Development Fund of Iran has inked contracts with the Bank of Industry and Mine, the IRGC Bank, and the Exports Development Bank to allocate $9 billion to industry and mine, energy, cooperatives and agriculture sectors, the ILNA news agency reported.

Each of the banks will earmark $3 billion for implementing projects related to the mentioned sectors, the report added.

Iran has allocated $5.4 billion of the National Development Fund's assets to promote foreign investment plans in the country, the finance and economic affairs minister Shamseddin Hosseini said earlier.

In November 2011, Hosseini said that the National Development Fund's reserves stand at $24.4 billion and at least 20 percent of this sum will be allocated to promoting foreign investment.