The Forum for Partners in Iran's Marketplace

June 2017, No. 84


The Role BIM Plays in National Projects

Afkhami stressed that Iran enjoys potential capacity in the market and possesses great natural resrouces, mines, energy, etc., adding that the country also has educated and young workforce.

Ali Ashraf Afkhami, Chairman of the Board of Directors and Managing Director of Bank of Industry and Mine (BIM), says: “With the implementation of the Joint Comprehensive Plan of Action (JCPOA), an aura of hope, confidence and cooperation has emerged in the global economic space.”

JCPOA, known commonly as the Iran deal or Iran nuclear deal, is an international agreement on the nuclear program of Iran reached in Vienna on 14 July 2015 between Iran, the P5+1 (the five permanent members of the United Nations Security Council—China, France, Russia, United Kingdom, United States—plus Germany), and the European Union.

Addressing a big gathering of economic activists from Iran-Italy Chamber, Afkhami referred to the role banks play in facilitating trade and its importance and noted that Italy enjoys technological and technical knowhow in the field of machinery and is operating at global level. “Italy is an important and distinguished country at the global economic level.”

Afkhami stressed that Iran enjoys potential capacity in the market and possesses great natural resrouces, mines, energy, etc., adding that the country also has educated and young workforce.

The BIM managing director further remarked that Iran is the second most powerful economy in the Middle East and has little international debts. He said Iran has a diverse economy and contrary to oil and gas rich countries in the region, Iran in addition to oil and gas, is in a superb position with regard to mining activities such as cement, steel and textiles.

“Iran has also a strategic situation in the region and can play the role of a hub between the Middle East and Europe and at a wider scale at the world level.”

Afkhami stated that after implementation of JCPOA, the banking system took good and proper actions to reenter the world financial system so much so that after 10 years of sanctions it can coordinate with the global banking system by complying with the international standards structure.

He termed the Bank of Industry and Mine a bank with 60 years of background which interacts mostly with companies. He made reference to financing Kavian petrochemical company which has become operational in Assalouyeh and produces 2.2 million tons of ethylene annually, Masjed Soleiman petrochemical complex which is under construction, Ilam petrochemical complex with a finance of $230 million and Lorestan and Mashhad petrochemical complexes for the production of downstream petrochemical products.

Afkhami said BIM stands in the first position in financing power plant projects in the country. He added that over the past 3.5 years the bank has financed more than 3,000 megawatts of power plant projects at a cost of $1.8 billion while 2000 more megawatts are under construction with the facilities extended by BIM.

According to the official, the bank is also active in the area of desalination projects at the highest international level. The BIM has carried out outstanding activities in the Persian Gulf littoral states and financed over 50% of cement and tile projects in Iran.

Elsewhere in his remarks, Afkhami referred to the activities of his bank in the area of steel, and made reference to Yazd, Tabriz, Shadegan, Qaenat, Sepid Dasht and Sabzevar and a pellet manufacturing unit in Bandar Abbas.

He said the first express train in Iran has been financed by the Bank of Industry and Mine, which is under construction on Tehran-Qom-Isfahan route, adding that the second related project is the railway on Tehran-Mashhad route for which feasibility studies are underway.

The BIM managing director pointed to the activity of the bank with regard to social responsibility and new energies, and said airline industry, shipping and auto parts could be proper grounds for Iran-Italy cooperation.

The meeting was held on the occasion of presence of a high-ranking delegation of economic activists from the Reggio Emilia region of Italy in Iran.


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  June 2017
No. 84