Iran maps out plan to boost marine industry

TEHRAN, Aug. 27 (Xinhua) -- Iran is mapping out plans to boost its maritime industry in the coming years, local media reported on Sunday.
Businesses involved in Iran's maritime industries will receive a total of 52.5 million U.S. dollars in loans by the end of current Iranian calendar year, which falls on March 20, 2018, the head of the Fund for Development of Marine Industries said, according to Financial Tribune daily.
"So far, 31.5 million dollars have been allocated to marine industries," Mehrdad Mozaffari was quoted as saying.
Interest on the loans is estimated at 10-12 percents, but knowledge-based firms could anticipate a single-digit interest rate, according to the report.
Iran is also in talks with two international firms for financing the Iranian marine projects, Mozaffari said.
A Singaporean firm is ready to finance 477 million dollars in Iran's maritime projects, he said, without naming the company.
Besides, China National Machinery Industry Corporation would finance 85 percent of the cost of viable projects specified by Iran, he added.