The Forum for Partners in Iran's Marketplace

June 2018, No. 87



Our Main Task Is to Support Domestic Production

Thanks to your efforts and cooperation, the BIM registered a more brilliant record in the field of industrial production, employment and industrial development in 1396.

Chairman of Board of Directors and Managing Director of Bank of Industry and Mine Ali Ashraf Afkhami issued a message on the occasion of Nowruz (the New Persian Year).

In his message, Afkhami, placing emphasis on support for domestic producers and products, said:

Great family of Bank of Industry and Mine, dear colleagues;

The year 1397, designated by the Supreme Leader as the Year of Support for Iranian Products, will make the task of the BIM, which plays a very important role in financing industrial projects and production units, more important than ever. Fortunately, last year, our bank was able to play an important role in production and creating employment in addition to providing facilities as an advisor to domestic producers.

The Bank of Industry and Mine left behind the year 1396 under conditions that on the last days of the year, LCs were opened for two major industrial projects, namely the 484-megawatt Qeshm Energy Development Company’s Combined Cycle Power Plant and southern Assaluyeh ADISH Gas Condensate Refining Project at a cost of $520 million.

Thanks to your efforts and cooperation, the BIM registered a more brilliant record in the field of industrial production, employment and industrial development in 1396.

In the meantime, as a development and specialized bank, the BIM has succeeded in making great strides for progress and development of our country. The measures taken in compliance with realization of the Economy of Resistance, policies and production boom in 1396 illustrate the ceaseless efforts of you dear colleagues. The financing of working capital of more than 1,350 small and medium-sized enterprises won the BIM a top place among all the banks in the country.

As the only development bank in the field of industry, mining and infrastructure, BIM succeeded in adding 3,000 megawatts to the capacity of the country’s electricity grid by financing six 500-megawatt power plants and 24 small-scale power plants.

Also, BIM has financed the first high-speed train of the country (Tehran-Qom-Isfahan) at a cost of $1.8 billion which is under construction. Three desalination units each with a capacity of 100,000 cubic meters per day have been financed to supply water to the southern steel industries.

Financing of petrochemical projects, that have the ability to fetch the country foreign exchange, such as Kavian, Lorestan, Mahabad, Masjed Soleiman, and Ilam petrochemicals, is among other distinctive measures taken by the BIM. Ilam and Masjed Soleiman petrochemicals are under construction and the rest have been commissioned.

Among other measures taken by the BIM mention can be made of the following:

The opening of LC for electrification of Tehran-Mashhad railroad at a cost of €1.5 billion, financing to purchase three Airbus and eight ATR aircraft, which are currently used in the air fleet of the country, financing of 7 steel mill projects and some other steel projects such as Rohina (Dezful), Pasargad (Fars) and Madkush (Bandar Abbas) worth more than 2 billion euros. Some of these steel projects have been commissioned. These actions by the BIM has considerably improved Iran’s ranking among steel-producing countries.

Furthermore, in May 2017, we were able to activate the Core Banking system as the first state bank. In the international division, two years having passed since the nuclear deal known as JCPOA (Joint Comprehensive Plan of Action), we have established brokerage relationship with 92 banks in 36 different countries.

Financing dozens of other projects in the fields of pharmacy, processing industries, cold stores, textile, rubber, cement, tile, Ferrosilice, paper, packaging of various steel sheets and commissioning most of them throughout the country have caused economic mobility, increased exports and employment.

Taking advantage of this opportunity, I would like to expresses my appreciation for the support of the Central Bank and the National Development Fund.

Also, in order to implement the policies of the government and the emphasis of the Minister of Economic Affairs and Finance on the transfer of the companies of the banking system, we succeeded in successfully transferring 51 percent of the company stock on Feb. 13 after identifying legally eligible buyers.

It is a source of pleasure that the BIM, with 61 years of knowledge and experience, has taken steady steps on the path of “progress and development” and is determined to continue this mission.


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  June 2018
No. 87