03Apr

50 Percent of Bank Deposits of Free Zones Is Allocated to Financing & Manufacturing

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Out of the most important agreements concluded by the Secretary of the Supreme Council of Free Trade-industrial and Special Economic Zones and the Governor of the Central Bank (CBI) is the allocation of at least 50% of the banks’ deposits in free zones to financing the manufacturing units and economic activists.
Also, regarding "allocation and supply of foreign exchange" for the activities of production units and traders, in this meeting, it was decided that the necessary coordination be done between the Secretariat of Free and Special Economic Zones and the Ministry of Industry, Mines, and Trade then the zone’s priorities should be notified to this ministry by the Supreme Council.
The amendment to the resolution of “off-shore banking set up” in free zones to attract the domestic and foreign investors to set up banks and to issue permits for “establishing digital exchange bureau” in the free zones was among the matters discussed in this meeting

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Aras Free Zone during the three recent economic, social and cultural development programs relying on knowledge-based management and capable consultants as well as motivated and specialized staff has become a pioneer region in the country and in terms of performance has indeed turned into a model for other free zones within the country and among countries of the region.

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