(MENAFN) The Iranian Chamber of Cooperatives' secretary general, Dariush Pak-Ayeen, stated that the country's National Development Fund (NDF) would allocate USD2 billion to shore up the cooperative sector, reported Tehran Times.
Pak-Ayeen added that the Ministry of Industry, Mine and Trade has inked a deal with the Cooperatives Development Bank considering this issue.
On May 15, the industry, mine and trade minister, Mehdi Ghazanfari, said that 10 percent of the NDF's assets will be earmarked for supporting the Iranian production sector, and 3 percent of assets of specialized industry and agriculture banks will be also used to enhance the production sector.
It is worth noting that the NDF's deputy manager, Mohammad-Qasem Hosseini, said on September 13 that the fund has allotted USD3 billion worth of its assets to pay facilities in loans to the agriculture and industry sectors.
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