Iran allocates 200 million euros for promoting exports to Africa

2021-02-23 17:51:17
Iran allocates 200 million euros for promoting exports to Africa

Iran’s National Development Fund (NDF) has opened a €200 million credit line for expanding exports of Iranian commodities and services to African countries.

The fund has been allocated as part of a $2-billion support package which has been allocated by NDF for developing the country’s non-oil exports, said Farzad Piltan, a senior official in Iran’s Trade Promotion Organization (TPO).

“The board of directors of the National Development Fund has approved this fund and it has scheduled to notify the relevant agencies for its implementation after the plan is reviewed and finalized in the next meeting,” Piltan stated.

According to the official, despite the great potential for mutual cooperation, the development of economic and trade ties with Africa has faced major obstacles, such lack of recognition and interest by the private sector and trade unions, lack of appropriate infrastructure and absence of government resources and facilities.

“These problems are expected to be resolved gradually with the opening of the mentioned credit line,” he said.

The official noted that the TPO and other relevant government bodies and agencies are preparing various programs in order to boost Tehran’s trade with Africa, including exchanging trade delegations and holding trade exhibitions.

Over the past few years, the Iranian government has been pursuing new plans to promote the country’s exports of non-oil goods and services to new markets in order to reduce the country’s economic dependence on oil revenues.

In this regard, TPO has played a significant role in supporting the country’s exporters and to follow up on the implementation of programs in this field.

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