TEHRAN, July 7 (Mehr News Agency) -- For the first time since the beginning of Iran's Third Five-Year Development Plan (2000-2005), the value of non-oil exports hit $12 billion in Iranian year 1384 (March 2005-March 2006), exceeding the target.
The figure was announced in a Trade Promotion Organization of Iran (TPOI) report presented during a session of the High Council for Non-Oil Exports here on Thursday. The session was chaired by President Mahmud Ahmadinejad.
The TPOI report said that the value of non-oil exports surpassed $3 billion in the first three months of Iranian calendar year 1385 (started March 21, 2006), and that non-oil exports are projected to generate $18 billion of revenues during the current year if they continue to grow.
During the session, an increase of the capital of the Export Guarantee Fund to $160 million was also approved, in line with Clause 33 of the Fourth Five-Year Development Plan (2005-2010).
In addition, it was agreed that operating banks should start paying $300 million of loans out of the Forex Reserve Fund to finance the export of cargos and technical and engineering services to African states and for the implementation of projects in those countries, a plan which the cabinet approved in 1383 (March 2004-March 2005).
The High Council for Non-Oil Exports also approved a plan according to which the Export Development Bank of Iran (EDBI) would allocate credits for the establishment of Iranian trade centers in Tunisia, South Africa, Senegal, and Kenya.
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