EghtesadOnline: The government has begun the process of allocating loans to support the development of apparel production in rural areas, the head of Iran’s Small Industries and Industrial Parks Organization said.
According to the Persian economic newspaper Donya-e-Eqtesad, Sadeq Najafi added that the first phase of the plan is targeting five provinces with the highest rates of unemployment, namely Kermanshah, Chaharmahal-Bakhtiari, Ardabil, Hamedan and Gilan. It is expected to create a total of 5,480 direct job, ILNA reported. As per the memorandum of understanding signed earlier between the Plan and Budget Organization of Iran and the Ministry of Industries, Mining and Trade, at least 680 billion rials ($16.19 million) are to be allocated to each province. The loans will be paid with an annual interest rate of 18% over five years while the Plan and Budget Organization has committed to pay half of the interest in the form of subsidy, Financial Tribune reported.