Speaking at the Production for Exports Conference, Mazaheri noted that efforts by successful development banks and producers in recent years created grounds for active involvement of financial institutions in the export sector, IRIB reported.

He recalled that Exports Development Bank of Iran (EDBI) and Sanat va Madan (industry and mine) Bank provided exporters with financial backing and covered the risks.

Private and commercial banks can benefit from the experiences of development banks and producers to support exporters, he underlined.

Referring to a plan to increase the capital of commercial banks, he said once the plan is approved, financial institutions can channel part of their capacities into strengthening and supporting transactions.

Meanwhile, the top banker noted that between 1.5 billion and two billion dollars have been allocated to EDBI and Sanat va Madan Bank to increase loans for production and export activities by eight to ten times.

Speaking at the same gathering, EDBI managing director, Koroush Parvizian stated that the bank plans to open branches in six countries. He listed these countries as Algeria, Belarus, Iraq, Kazakhstan, Venezuela and Uganda.

Parvizian added that EDBI will also purchase some shares of an Islamic bank in Malaysia. The official elaborated that the measure is aimed at decreasing costs of export and developing trade. “Some 53 percent of exemplary exporters have received funds from this bank,“ he noted.

The official named swift and low-cost financing for exporters of non-oil commodities as among the main responsibilities of the bank.

Parvizian noted that Iran-made products have good markets in Central Asia, South Africa and neighboring states.

Meanwhile, director of Tejarat (commerce) Bank, Reza Raei told the same gathering that majority of businessmen involved in exports do so without a specific program or strategy.