Here in Teheran, the CBI’s (Central Bank of Iran) Governor, V. Seif pointing to the CEOs of the Iranian banks focused on profitability and return of investment while paying attention to planning and forethought. A review of the CBI’s roadmap for absorption of the foreign financing for important projects is as follow:
The Governor of the Central Bank of Iran, Valiollah Seif, laid down his guidelines on how to spend any absorbed foreign finances in order to optimally boost national growth. He pointed his 6 axis advises in his latest directive to the CEOs of the Iranian banks.
Insisting on the significance of foreign financing for the Iranian economy, in his 6 points message, Seif directed the CEOs to focus on profitability, return of investment,paying attention to planning and forethought.
“As you are very well aware, one of the main goals of the Iran’s banking system is to help the growth and development of national economy, and financed construction and production projects through local and foreign resources,” Seif wrote in the directive reported by the official news website of CBI.
Achieving 8% GDP growth rate, earmarked as part of the 6th “Five-Year Development Plan (2017-22), in his directive, when he adds, $20 billion in foreign financing has been considered.
In line with this goal, officials have been working hard to reestablish foreign credit lines and accept foreign finance while “we are now witnessing that foreign finance deals are struck with international banks”.
The latest and biggest foreign finance deal was finalized last month with South Korea whose Korea Export-Import Bank (Kexim) is to provide €8 billion to finance Iranian projects while the Korea Trade Insurance Corporation (K-Sure) is to insure up to €5 billion of risks for Korean businessmen working in Iran. More recently, the head of the Organization for Investment, Economic and Technical Assistance of Iran announced that foreign finance deals worth about $30 billion will be clinched soon.
“Deals worth $29-30 billion will be signed with four European countries and an Asian country by next month,” Mohammad Khazaei also said at the 28th Annual Islamic Banking Conference held in Tehran on August 29.
On the other hand, while a more realistic target of $20 billion in foreign finance has been earmarked in the nation’s development plan, as the head of the Tehran Chamber of Commerce, Industries, Mines and Agriculture said in a private sector meeting on Monday, the country “needs to absorb $50 billion in foreign finance a year”.
************************
Independent news sources are worthwhile, please be a paid subscriber if you are not yet. Please “Click Here” to be!
***************************
The first International Conference on “Disposables and Bio-Polymers” in Iran: Oct. 31st-Nov. 1st
