TEHRAN – Head of Trade Promotion Organization (TPO) of Iran announced the launching of an integrated system for processing the requests for loans (in local currency rial) submitted to the National Development Fund (NDF).

NDF loans are made in local currency (rial) or hard currency.

As reported by the TPO portal on Saturday, the mentioned system called “SEPIDAR” was designed by TPO following a government decision on providing a support package for non-oil exporters.

According to Zadboum, a working group comprised of Trade Promotion Organization, National Development Fund (NDF), Export Development Bank of Iran, Export Guarantee Fund of Iran, and the Central Bank of Iran (CBI) were tasked to design a mechanism for using the non-oil export support package which is expected to be spent on improving export infrastructure.

Accordingly, all exporters that are interested in applying for NDF funds, which are provided at preferential rates, can visit the TPO website as from Monday, June 15 to register their application, the official said.

The system automatically processes the information and sends the received requests to the operating banks to pay the requested facilities, he explained.

The deputy minister stated that the NDF facilities for the current Iranian calendar year (started on March 20) amount to 40 trillion rials (about $952.38 million), of which 20 trillion rials (over $476 million) is provided from the NDF resources and the rest is supplied by the banks.

Back in January, Iran’s Resistance Economy Headquarters approved a “Non-Oil Export Support Package” prepared by TPO for the current Iranian calendar year.

The package was developed by the Iranian Trade Promotion Organization, in collaboration with the Ministry of Finance and Economic Affairs, the National Planning and Budgeting Organization (PBO), and the National Development Fund.

EF/MA