Banks finance more than 27,000 SMEs in one year

The Crypto Daily - Movers and Shakers - April 2, 2021

In early May 2019, Hemmati had outlined CBI plans for neutralizing or relieving the impact of U.S. sanctions on the country’s economy and mentioned providing liquidity and working capital to maintain and boost domestic production as one of those plans. CBI Former Governor Abdolnaser Hemmati has repeatedly stressed that supporting production units to flourish production is the priority of the country’s banking system. CBI’s plans take two major approaches, one of which is to secure finance for production activities and also to provide the working capital needed for such activities.

The mentioned payments were made in the form of bank loans paid to 5,044 projects and production units, according to the ministry data. Back in April, the Ministry of Industry, Mining and Trade had announced that 167 trillion rials (nearly $3.97 billion) was paid to SMEs and semi-finished industrial projects with an over 60 percent physical progress during the previous Iranian calendar year.

CBI has defined supporting production as one of its major plans over the past few years. This program aims to pave the way for developing domestic production in order to fulfill the slogan of the year which is “production: support and elimination of obstacles” considering the country’s special economic conditions and the U.S. sanctions.

Source www.tehrantimes.com EF/MA

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