Iran to open $1.5 billion credit for foreign buyers of Iranian goods
Azerbaijan, Baku, Jun.24/ Trend F.Milad/
Iranian Industry, Mine and Trade Minister Mehdi Ghazanfari said that $1.5 billion of the National Development Fund will be allocated as a credit line to support foreign buyers of Iranian goods.
He added that $2.5 billion will be also allocated to the exports sector, Mehr News Agency reported.
Ten percent of Iran's National Development Fund will be allocated for supporting the domestic production sector, Ghazanfari said in May.
He told IRNA News Agency that three percent of assets of specialized industry and agriculture banks will be also paid to boost the production sector.
Iranian President Mahmoud Ahmadinejad said that the National Development Fund's assets would hit $55 billion by the end of the current calendar year.
At least 20 percent of the fund's credits will be allocated to promote foreign investments, Iran's Finance and Economic Affairs Minister Shamseddin Hosseini said.
According to the Fifth Five-Year Development Plan (2010-2015), the National Development Fund was established to transform oil and gas revenues to productive investment for future generation.
Iran transfers 20 percent of oil revenues to National Development Fund.