Iran's Saderat Bank to support production and employment

Business Materials 29 June 2021 13:37 (UTC +04:00)
Iran's Saderat Bank to support production and employment

TEHRAN, Iran, June.29


Saderat Bank is ready to solve customers' problems and providing finance to damaged companies, support production and employment, said the CEO of Saderat Bank.

The bank's capital adequacy has remarkably increased and this situation would increase the bank's celling for providing advances, said Hojjatollah Seyedi, Trend reports citing IRNA.

"Saderat Bank has dedicated 10 percent of its capacity to businessmen in Isfahan Province," he said during his trip to Isfahan Province.

"Banking is part of the economy and has faced many problems due to international limitations, lack of structural balance in economy and coronavirus pandemic. Despite all difficulties, work should continue and the major burden of economic sectors is on businessmen," he added.

"The advances paid in Isfahan province was more than bank balance yet we are ready to increase it and should consider part of it as fixed capital. Saderat Bank has defined a special credit plan for production in 2019 to cover production, this plan would provide working capital to production companies," Seyedi noted.

Saderat Bank has issued $1.1 billion credit for the development of housing construction in the last Iranian year (started March 20, 2020) to help suppliers of basic material and contractors.