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​Mining investment Insurance Company and the Post Bank Agreement Between the

​Mining investment Insurance Company and the Post Bank Agreement Between the
Agreement Between the Mining investment Insurance Company and the Post Bank.

This agreement, signed by Mohammad Reza Bahraman, the chief of the board of directors, and Farid Dehghani, the CEO of Mining Investment Insurance Corporation, and Khosro Farahi, the CEO of the Post Bank, contains the debut of issuing the insurance policy of refunding the Bank facilities (as much as the issued insurance policy’s ceiling limit) and facility payments made by the Bank from the National Development Fund of Iran and the Bank. This will take place by the national workgroup for the applicants according to the Cabinet’s executive by-law of the act of supporting the development and creation of sustainable employment to provide for the working capital and the fund needed for the mines and mining industry plans in order to develop and create sustainable employment.

This agreement is to last for three years after signing, and extendable if the parties agree to the related provisions.

The nomad and rural areas are the places where provide the sources for the by-law of the act of supporting the development and creation of sustainable employment.

The deadline assigned to using these related facilities (civil partnership) is two years. There is a grace period of one year, a leasing period of 6 years. The total period for providing the working capital facilities for 18 month of applicant’s plan will be accorded to the acts of the executive by-law and the time remained.

The Interest Rate of the Given Facilities

The interest rate of the given facilities would be 10% for the production units deployed in rural and urban industrial areas with the population less than 10000 people including the production units deployed in the industrial parks of these cities. This rate would be 4% for the plans in border rural and nomad areas and 6% for the non-border rural and nomad areas.

The credit insurance policy of the corporation would remain as a bail for the contract with the bank, and will not serve as a direct provider for the applicants’ facilities. The applicants which receive these facilities are bound to the contract with the bank and liable for paying the installments on time.

The machinery and mining tools will be in mortgage or in the ownership of the bank or the corporation and will be trusted to the applicant until the installments payments are done and all the liabilities are settled, and then will be transferred to the applicant.

The given facility installments would be paid monthly, and the banks will change all the applicant’s liabilities into current liabilities if the applicant does not fulfill the obligations in the workplace according to the act of supporting the development and creation of sustainable employment in the rural and nomadic areas mentioned in the by-law and the related instructions.





                           

Oct 6, 2018 09:47
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