The mentioned facilities, which are provided for renewing machinery, equipping production units, or completing semi-finished projects, have been paid in the form of bank loans to 917 projects and production units, IRIB reported.

The program for offering bank facilities to SMEs and semi-finished projects was kicked off in February 2019 by the Industry Ministry in collaboration with the Central Bank of Iran (CBI).

According to the Industry Ministry data, under the framework of the mentioned program 2,023 SMEs and semi-finished projects in 31 provinces registered to receive facilities in the said quarter.

***Over $259m paid to export companies in Q1

The Iranian banking system has also paid 10.891 trillion rials (about $259.3 million) of facilities to export-oriented production units during the said three months, according to the Industry, Mining, and Trade Ministry’s data.

The mentioned facilities have been paid to 56 such companies in the mentioned period.

Based on the mentioned data, 51 exported-oriented companies have also been introduced to banks to receive 12.704 trillion rials (about $302.4 million) of facilities in the near future.

As reported, over 23.422 trillion rials (about $557.6 million) of facilities have been paid to export-oriented companies in the 13-month period from May 21, 2020, to June 21, 2021.

Promoting exports in line with the support of domestic production has been one of the main strategies of the Ministry of Industry over the past two years.

In this regard, the trade policies of the ministry for the current Iranian calendar year (started on March 21), which is named the year of “Production: Support and Elimination of Obstacles”, have been mainly focused on the development of production, employment and development of non-oil exports and eventually entering new markets.

According to the latest CBI data, the Iranian banking system paid 4.976 quadrillion rials (over $118.4 billion) of facilities to domestic economic sectors in the first three months of the current Iranian calendar year, registering a 71.3-percent rise from the same period in the previous year.

The post $742m of facilities paid to SMEs, semi-finished projects appeared first on Iran News Daily.

According to Hadi, over 119 trillion rials (about $2.833 billion) is needed to be invested in the mentioned projects which can provide job opportunities for 155,000 people, IRNA reported.

The number of projects with physical progress between 60-80 percent is 12,993 993 projects with a total investment of about 289 trillion rials (about $6.88 billion) which can provide jobs for 463,000 people, the official said.

Nearly 19,185 projects also have physical progress between 20-60 percent with 579 trillion rials (about $13.78 billion) of investment and the possibility of employment for 747,000 people are underway across the country, he added.

Hadi put the number of projects with less than 20 percent of progress as 28,909 projects, saying: “The investment needed for these projects is estimated at about 977 trillion rials (about $23.26 billion), which will create employment for 1.092 million people.”

In total, so far 83,780 establishment licenses and more than 74,000 operation licenses have been issued in the country’s industrial sector, according to the official.

The official further noted that currently, the Industry Ministry’s priority is to fund pioneering projects with over 80 percent of physical progress.

Like the previous year, reviving idle units is also another important program that the ministry is pursuing in the current year which has been named the year of “Production:  support and the elimination of obstacles.”

Earlier this month, Deputy Industry, Mining, and Trade Minister Mehdi Sadeqi Niaraki announced that 1,500 idle industrial units were revived in the country during the previous Iranian calendar year (ended on March 20).

According to Niaraki, over 6,500 new industrial units were also established across the country during the mentioned year which created jobs for over 121,000 people.

The post Hadi: Over 3,600 industrial projects with over 80% progress underway in Iran appeared first on Iran News Daily.