Iran provides more than USD800M in facilities to domestic producers
Date
7/24/2024 9:57:00 AM
(MENAFN) Iranian Finance and Economic Affairs Minister Ehsan Khandouzi announced the government's initiative to offer 400 trillion rials (approximately USD800 million) in facilities to domestic producers, as reported by an Iranian news agency. This announcement was made during the opening ceremony of the Economy Ministry’s Production Financing Facilitation Center in Tehran.
Khandouzi explained that the newly established center, along with a portal for online monitoring of the country's job creation facilities, aims to expedite production and employment processes. "The Production Financing Facilitation Center and its system will conduct the approval and validation, provision of facilities as well as supervision of facilities throughout the country with speed and accuracy," he stated.
Highlighting the government's ongoing support for production units, Khandouzi noted that the ministry had also allocated 400 trillion rials in facilities to production units in the previous Iranian calendar year, which ended on March 19. The focus of these production facilitation programs is primarily on supporting knowledge-based production units within the country.
According to data from the Central Bank of Iran (CBI), the Iranian banking system disbursed 7.2 quadrillion rials (about USD14.4 billion) in facilities during the first two months of the current Iranian calendar year (March 20 - May 20, 2024). This represents a 36.2 percent increase compared to the same period in the previous year. Of these facilities, 5.7 quadrillion rials (approximately USD11.4 billion), or 79.3 percent, were paid to business owners (both real and legal entities), while 1.4 quadrillion rials (about USD2.9 billion), or 20.7 percent, were allocated to final consumers (households).
The establishment of the Production Financing Facilitation Center and the significant increase in financial support reflect Iran's strategic efforts to boost domestic production, enhance job creation, and support economic stability amid various challenges.
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