Iran's Ardabil Province Needs $400 Million to Modernize 600 Enterprises

Iran's northwestern province of Ardabil requires 700 trillion rials (about $400 million) to modernize 600 economic enterprises, provide working capital, raw materials and supplies, as well as necessary goods.

The statement was made by Ardabil Governor Masoud Emami Yeganeh on October 1 at the National Conference on Modern Methods of Financing Economic Enterprises and Infrastructure.

"Financial support for economic enterprises and support for new investments are among the important issues. This requires the cooperation of all institutions, the public and private sectors," he said.

Emami Yeganeh said Ardabil, with its potential in industry, mining, tourism and agriculture, as well as opportunities for developing railway, road and aviation infrastructure, could become one of the attractive investment destinations for entrepreneurs.

The Ardabil governor said that over the past 1.5 years, 47 projects worth a total of 850 trillion rials (about $487 million) have been launched in the province. These projects will create jobs for 14,000 people.

Emami Yeganeh added that another 14 projects are being prepared for implementation.

"Creating added value, providing employment for young people, increasing the production of knowledge-intensive and export-oriented products are among the province's main economic priorities. Private sector entrepreneurs, even during the war and economic pressure, sought to prevent economic activity in the province from coming to a halt," he said.

The governor noted that during a working visit to Ardabil by Iranian President Masoud Pezeshkian, the province was allocated a loan of 165 trillion rials (about $94.4 million).

"Expanding the province's infrastructure is one of the main priorities. In this direction, 60 trillion rials (about $34.3 million) are envisaged," he said.

According to him, on the instructions of the head of the Central Bank of Iran, Abdolnaser Hemmati, a decision was made to allocate foreign currency to entrepreneurs and importers. In this regard, Ardabil will receive at least $400 million.