Iranian banks paid nearly $57.8 billion in loans to firms between March and November.

Figures by the Central Bank of Iran (CBI) show that banks in the country paid nearly 60% more loans to businesses and companies between March and November as part of efforts in the country to help the economy recover from the impacts of US sanctions and the spread of the coronavirus pandemic.

CBI figures cited in a Saturday report by the official IRNA news agency showed that businesses and firms in various sectors of the Iranian economy had received 17,274 trillion rials (nearly $57.8 billion) in loans from state and private banks in the eight months to November 21.

The figure was an increase of 6,426 trillion rials or 59.2% against the March-November 2020, said the CBI.

The bank said that working capital loans given to companies had accounted for 11,481 trillion rials or more than 66% of all the loans paid over the period of which 4,069 trillion rials (35.4%) had gone to the manufacturing and metals companies.

Iran has seen a major growth in activity in its manufacturing and mining sectors in recent years amid government’s efforts to provide more support to the industries to both offset the impacts of American sanctions and to create more jobs for the country’s youth.

The government has offered cheap and long-term loans to manufacturers and owners of mines and metals companies to encourage exports from the sectors.

CBI figures showed that total loans paid by Iranian banks to manufacturers and to the metals and mining firms over the March-November period had amounted to 5,157 trillion rials ($17.24 billion).

Businesses and companies in the Iranian services sector had received the largest chunk of bank loans over the period at more than 7,329 trillion rials, said the CBI, adding that loans given to the trade sector had reached 2,665 trillion rials.