EDBI grants over $535m facilities

Tehran, Dec 9, IRNA – The Export Development Bank of Iran announced that during the first seven months of the current year (starting March 21) it has granted $535 million facilities. The figure shows an increase of 40% as compared to the $382 million dollars facilities of the past year. The total granted facilities both in rial and in hard currency in the said period amounted to 28 thousand billion rials which showed an increase of 28% as compared to the first seven months of the previous year. It further said that the first top 20 consumers of the bank received a total of 63% of the facilities in the field of industry, electricity, energy, oil and petrochemicals and the remaining 37% was allocated to other production and services companies. The report further remarked that the rial and hard currency facilities paid to the applicants in the first seven months of the current year showed an increase of 40% and 24% respectively in comparison with the facilities paid in the previous year. Meanwhile, the use of National Development Fund (NDF) instead of Forex Reserve Fund (FRF) caused a rise of 200% in using the resources of NDP in comparison to the previous year. The bank report noted that some 1000 letters of guarantees in rial were issued in the first seven months of the current year which showed an increase of 90% compared to the previous year when the number stood at 524. The rial and forex balance of the facilities up to the end of the seven months of the current year amounted to over 96 thousand billion rials while in the same period last year the amount was close to 89 thousand billion rials./end