Iran Daily cited Mr Ataollah Sadr MD of Iran's Ports and Maritime Organization as saying while speaking in a news conference on the status of marine industry in the 5th Development Plan that the organization has invested in 3 Iranian banks, namely Taavon, Mellat and Saderat to help shipbuilders borrow low interest loans.

He said that "With more than 3,000 kilometers of water borders and its location in the North East commercial corridor, the Islamic Republic can make considerable profits through transit of goods."

Mr Sadr who is also the deputy roads and transportation minister described the industry as strategic in terms of creating jobs, earning value added and boosting social development.

He said that "The organization annually spends OMR 5 billion in developing infrastructures, equipping ports and concluding deals related to the manufacture and repair of vessels."

The PMO chief noted that the organization has also granted low interest loans worth OMR 1,600 billion to build 86 commercial and 25 passenger vessels.

(Sourced from Iran Daily)