The payments were made in the framework of 20,930 bank loans to various projects and production units, IRNA reported.

The highest payment was made to SMEs and projects based in Tehran Province, with 1,434 facilities, amounting to $1.6 billion, and the lowest was related to the southern Kerman Province, with only three loans amounting to about $345,230.

The Central Bank of Iran (CBI) prioritized supporting production as its priority plan in the previous Iranian calendar year.

CBI Governor Abdolnaser Hemmati has several times stressed that supporting production units to flourish is the priority of the country’s banking system.

In early May 2019, Hemmati outlined CBI plans for neutralizing or relieving the impact of US sanctions on the country’s economy and mentioned providing liquidity and working capital to maintain and boost domestic production.

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.

One of the major programs that Iran Small Industries and Industrial Parks Organization (ISIPO) is following regarding SMEs is reviving idle units and helping them get back into the business to increase the country’s domestic production and to boost exports to neighboring countries.

Holding training courses, supporting SME participation in international exhibitions, supporting SME research and study projects, and supporting new technology-based SMEs are some other programs that ISIPO is following to help SMEs expand their activities.

Meanwhile, the head of Trade Promotion Organization (TPO) announced on Sunday that the Ministry of Industry, Mine and Trade announced that it will establish working groups for developing non-oil exports in provinces across the country.

According to Hamid Zadboum, due to the significant role of provinces in developing export goals and to benefit from the potentials and capacities of the provinces in increasing non-oil exports, the Industry Ministry has decided to establish the working groups and hold expert meetings.

The official noted that given the country’s current situation and considering the restrictions created by the US, non-oil exports play an important role in strengthening the production sector, maintaining employment, and meeting the needs for foreign currencies.

Therefore, developing non-oil exports has been focused on seriously as one of the major axes of the industry ministry’s programs for the current Iranian year, Zadboum said.

He further pointed to improving the country’s non-oil trade balance, increasing the durability of exported goods, increasing the diversity of exported goods and markets, increasing the complexity of exported goods (in terms of added value and technical quality), and increasing the capabilities of the private sector as some of the major programs envisioned in the roadmap for promoting non-oil exports.