$115m in Loans for Job Creation in H1

EghtesadOnline: A total of 559 loans worth 32,312 billion rials ($115 million) were paid to industrial and mining units in the first half of the current fiscal year (March 20—Sept. 21).

News ID: ۷۵۱۳۹۳

01 November 2020

According to the Ministry of Industries, Mining and Trade, the country’s industrial and mining units submitted 2,010 loan applications over the period, of which 1,087 worth 82,674 billion rials ($296.32 million) have been introduced to designated banks, IRNA reported.

Top three provinces in terms of loan payments in H1 were Qom with 2,975 billion rials ($10.66 million) for 46 projects, Khorasan Razavi with 2,837 billion rials ($10.16 million) for 53 projects and Tehran with 2,449 billion rials ($8.77 million) for 32 projects.

South Kerman region registered the lowest sum of loan payments with 74 billion rials ($265,232) for five projects.

As per Clause 18 of the current year’s Budget Law (March 2020-21), the government is obliged to create 11,000 jobs through loan payment at the lending rate of 14% in developed areas and 12% in less-developed areas.