TEHRAN, Iran, July 6
Trend:
Iran's Mining Investment Insurance Corporation plans to increase credit investment in mine activities by $404 million, said the Managing Director of Mining Investment Insurance Corporation.
In regard to increasing inflation and foreign currency rate alongside costs of mining, the credit investment will increase in the current Iranian year (started March 21, 2021), said Farid Dehghani, Trend reports citing IRNA.
The Mining Investment Insurance Corporation had a 56 percent growth in issuing credit insurance while about $380 million insurances are ready to be issued according to bank approval.
The capital in the Mining Investment Insurance Corporation has increased from $33 million to $119 million that lead to an increase in bank credit for the Mining Investment Insurance Corporation.
In order to guide miners to utilize domestic machinery, 4 percent subsidies have been planned to be provided to them according to the Iranian Mines & Mining Industries Development & Renovation, (IMIDRO) to reduce costs of machinery.
Also, 2 percent subsidy would be assigned for providing advances to startups and green mining.