(MEBG) – The Iranian banking sector has proven inefficient in the development of non-oil exports, said Touraj Kakvand, director of International Affairs of Export Development Bank, as reported by the Iran Daily. He stated that despite the government’s efforts to increase non-oil exports, as part of the Third Development Plan for the years 2000 to 2005, the country has failed in this respect.
According to Kakvand, in the past year, 80 percent of credits and facilities for evaluating non-oil exports were provided by Export Development Bank, leaving a mere 20 percent to the five main Iranian banks.
"Apropos the decision made to increase non-oil exports, different banks should provide unlimited facilities to exporters… When oil revenues decrease, non-oil exports are put on the agenda and when oil prices increase, the issue loses its importance." Kakvand told the Iran Daily.
He added that in the current year, Export Development Bank would allocate approximately $100 million in credits to support non-oil exporters.