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NDF to allocate over $476m to support exports

NDF to allocate over $476m to support exports

Iranian government is going to allocate 2 trillion rials (about $476.19 million) from the county’s National Development Fund (NDF) to provide working capital facilities for production units which are exporting their products, ILNA reported Monday, quoting the head of Trade Promotion Organization (TPO) as saying.

Speaking in a summit on solving the problems of exporters, Hamid Zadboum said: “According to the provisions of the non-oil export protection package, the National Development Fund is obliged to allocate 2 trillion rials of working capital facilities to exporters through acting banks.”

As reported, the summit for addressing the problems facing the country’s exporters was held on Monday.

The event was attended by representatives of TPO, Central Bank of Iran (CBI), Export Development Bank of Iran (EDBI), Islamic Republic of Iran Customs Administration (IRICA), Iranian National Tax Administration (INTA), Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA), and several other exports and technical organizations.

Iranian Industry Ministry is implementing 34 executive programs under seven major axes, for promoting domestic production and exports to neighboring countries in the current Iranian calendar year (began on March 21).

According to the Industry Minister Reza Rahmani, the ministry’s programs mainly focus on developing and supporting domestic production, mining, and mining industry development, technology, business environment improvement, new strategies in trade logistics and financing, as well as expanding exports to the neighboring countries.

According to Rahmani, industry ministry is determined to pursue its plans on boosting domestic production and non-oil exports based on the country’s Sixth Five-Year National Development Plan (ends in March 2021).