Iranian Gov't Guarantees Foreign Finance
EghtesadOnline: According to a directive issued by the Cabinet, Economy Minister Ali Tayyebnia has been authorized, on behalf of the government, to guarantee the repayment of the principal amount plus the interest of finance taken from foreign banks, export insurance firms and international development institutions, Banker.ir reported.
The guarantees will only be issued for projects that are in line with current regulations and approved by the government’s Economic Council.
The projects should be deemed eligible by the Planning and Budget Organization of Iran in the case of public projects while private projects should comply with Public Audit Law as well, according to Financial Tribune.
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