| 01 Feb 2009 |
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Cooperative Development Bank Planned
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Director of Iran Privatization Organization (IPO) said the organization plans to establish the first-ever cooperative development bank.
According to IRNA, Gholamreza Heydari Kord-Zangeneh added that the government has circulated a communiquŽ for the preparation of required bylaws.
In this line, 14 entities, including national and provincial investment headquarters, Article 44 Higher Council, Investment Guarantee Fund, and Competition Council have already been established.
The Cooperative Fund, the credit institute of the cooperatives sector, has lent 4.3 trillion rials to the applicants in the past 10 months, creating 48,000 new jobs.
The fund's managing director, Mashallah Azimi said almost 38 percent of the credit was lent to the agricultural sector, 12.9 to the industries and mines, 23.8 to the housing sector, 14.8 to the commercial sector and 10.3 to the service sector.
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