Bank loans

Bank loans to fishing units increase by 108% in Q1

TEHRAN – The value of bank loans extended to fishing units across Iran has increased by 108% in the first three months of the current Iranian calendar year (March 21-June 21) compared to the same period of the previous year.

As reported by IRNA, Bank Keshavarzi Iran, as the only Iranian financial institution specializing in the agricultural sector, provided 3,587 billion rials (about $12.9 million) of facilities to 819 fishing units. during the three months mentioned.

Iran’s Fisheries Organization (IFO) is implementing a program to provide the country’s fisheries with low-interest bank loans since subsidized inputs are no longer provided to them, an IFO official said in late May. .

According to the Director General of the IFO’s Planning and Budget Office, Rajab-Ali Qorbanzadeh, the Ministry of Agriculture is seriously pursuing a program of providing working capital at a rate of 10-12% for agricultural units. country’s livestock, poultry and aquaculture production.

The head of the IFO held several meetings with representatives of the Ministry of Agriculture, after which main agreements were reached for the allocation of the mentioned resources.

Hopefully the allocation of the mentioned facilities will start in the coming days after the Ministry of Agriculture finalizes the directive in this regard, Qorbanzadeh said.

He further noted that one trillion Rials (about $3.9 million) of facilities with an interest rate of 14% will also be provided to the country’s fisheries by Bank Keshavarzi (Bank of Agriculture). .

Fish production has increased significantly in Iran in recent years and the Islamic Republic of Iran plans to further increase its annual fish production to 714,000 tons in the current Iranian calendar year.

Boasting high quality, Iranian fishery products sell easily in export markets, and some new export destinations, including China, South Korea and Eurasian Union countries, have also welcomed these produced over the past three years.