Iran opens $7B line of credit for industrial, manufacturing projects

Baku, Azerbaijan, Apr.12

By Fatih Karimov - Trend: Iran has opened $7 billion line of credit for its industrial and manufacturing projects, deputy industry minister Hossein Abouee Mehrizi stated.

The ministry of industry plans to attract $3 billion foreign investment for the industry sector amid an improvement in international relations, Abouee Mehrizi said, Iran's Mehr news agency reported on April 12.

The ministry has placed the highest priority on the completion of semi-finished projects in the current year, he noted.

Financial facilities will be given primarily to export-bound manufacturers, he said, adding that the ministry plans to expand exports.

Mohammad Baqer Nobakht, Iranian vice president for planning and strategic supervision, earlier said that the Iranian administration needs $125 billion to complete development plans which are underway nationwide.

He added that the administration has focused on completing semi-finished development projects and will not start new ones.

Iranian MP Reza Rahmani said in Nov. 2014 that more than 72,000 industrial projects are semi-finished in Iran.

Budget deficit is the main problem which has hindered the implementation of the projects, he added.