Iran has allocated loans amounting to over $66 billion to the mining, industry and trade sectors in the year to March 20, said a senior ministry official in a report.

Some $46 billion in banking facilities were earmarked for mining and industry sectors while over $20 billion were extended to the trade sector last year, Mohammad Reza Nematzadeh, Minister of Industry, Mines, and Trade, was quoted as saying in an Iran Daily News report.

He added the figures show an increase of 32 per cent and 26 per cent, respectively, against the figures for the previous year.

The minister cited official data as saying that the value added for the mining sector grew by five per cent in the nine months to December 20, 2016.

Nematzadeh added that since production in most fields, particularly in auto manufacturing, basic metals, home appliances and food industry has grown, the value added for the 12 months of last year is predicted to stand at 12 per cent.

He noted that more than 5,000 unfinished projects were also completed last year.

The minister said 12,000 cases of loans amounting to nearly $5 billion have been extended to small and medium industrial units.

Nematzadeh highlighted that banking facilities are having their impacts on the production sector and will yield results in the coming months.