News / Economy

Iran offers over $135mn in cheap loans to firms in air transport sector

Monday, 01 June 2020 5:57 PM [ Last Update: Monday, 01 June 2020 5:57 PM ]

Iranian air transport firms are to receive $135 million in cheap loans because of the COVID-19 pandemic.

The Iranian government has earmarked tens of millions of dollars in rescue to the country’s air transport industry amid efforts to help the sector weather the coronavirus crisis.

A report published by Fars news agency on Monday showed that the total government aid to airlines and aviation sector companies to help them cope with the economic impacts of the pandemic had reached 24 trillion rials (over $135 million).

The figure is more than a fourth of government funding to help protect jobs across the transportation sector in Iran.

Sources in the Iranian civil aviation industry said in April that the pandemic had caused flight by Iranian airlines to drop by more than 80 percent during the New Year holidays.

Reports said airlines and other companies across the sector had suffered more than $190 million in losses during the normally busy flight season.

The Iranian government has provided around 500 trillion rials (more than $3 billion) in cheap loans to businesses and industries affected by the pandemic.

Those loans are exclusively granted to companies that have avoided any lay-off during the spread of the disease in Iran.

Iran says trade undeterred by new Iraqi import tariffs

An Iranian exporter says trade will remain undeterred despite the new tariffs enacted in Iraq’s Kurdistan region.

More than 154,000 people have tested positive for COVID-19, the disease caused by the new coronavirus, in Iran.

The Iranian health ministry said on Monday that more than 121,000 people had recovered from the disease while the total number of deaths has reached 7,878.

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