TEHRAN — Barekat charity foundation and Omid entrepreneurship fund will create some 28,000 employment opportunities in deprived rural areas, Mehr news agency reported on Monday.

The two have signed a memorandum of understanding, aiming to improve employment in less developed rural areas, by committing to pay some 3 trillion rials (nearly $71.5 million), the report added.

 As per the memorandum of understanding within the next two years job plans such as livestock breeding, aquaculture, bee keeping etc. will be provided with low-interest loans offered by Barekat charity foundation and Omid entrepreneurship fund. 

Each job plan will be granted with loan amounting to 600 million rials (nearly $14,000) with the interest rate of 4% paid back in 60 monthly instalments.

Headquarters for Executing the Order of the Imam, also known as Setad-e Ejraiye Farman-e Hazrat-e Emam, was founded in 1989. In the Iranian calendar year 1386 (March 2007-March 2008) Barekat charity foundation- the social arm of the organization- with the aim of promoting social justice was established.

Socio-economic empowerment of the communities by encouraging entrepreneurship prioritizing breadwinner women, developing infrastructure such as water supply schemes, power grid, and road building, constructing schools and increasing educational spaces, promoting health for all, granting non-repayable loans and insurance especially in less developed areas and regions most affected by 1980s war and natural disasters are of the priorities of the charity foundation.

Omid entrepreneurship fund is a fund for supporting entrepreneurship and small and medium enterprises.

MQ/MG