(SHADA: TEHRAN) -- Due to its special missions, the free zones of the country face serious challenges in financing. The private sector cannot be expected to assume all responsibilities in the area of private sector infrastructure:Momeni, Secretary of the Supreme Council of Free and Special Economic Zones, said.
Fortunately, we do not have a shortage of resources in the country, but the ways to reach these resources must be identified. These new methods have not been practiced much in the country yet, and the Kish Free Zone can be a model for financing through the capital market, Momeni continued.
Free zones have weaknesses in the international stock market and the commodity exchange, and we must take steps in these areas as well, hestressed.
Stating that we are strongly seeking to establish a specialized bank of free zones in the country, he said: Fortunately, tacit agreements have been obtained from the President so far.
The establishment of offshore banks is also a serious issue for us, and we are trying to use international resources in this regard. At the same time, the issue of financing new free zones is very important to us. Currently, the current free zones have done some work and have resources, but financing in the new free zones is a very important issue, Momeni continued.
He stressed that there are currently 77 special economic zones, of which 32 are active economic special zones and 8 are free zones, and financing through the capital market is also important for these zones.
The Deputy of Economic Affairs of the Kish Free Zone Organization pointed to the potential and capacity of the OTC market to finance projects in the country's free zones, said: Not only free zone infrastructure projects but also the private sector should be able to finance from the capital market, which of course is better with easier methods and lower rates.
In the Kish Free Zone, we hope that the private sector will be able to pursue financing routes through OTC, Nasser Akhundi stated.
The CEO of OTC was also one of the speakers at the meeting, who positively evaluated the cooperation of OTC with the free zones of the country and said: Today, Sukuk bonds are issued to finance Kish Airport, and this could be a good start for continued cooperation with Kish and other free zones of the country.
Financing through the stock market allows the government to borrow from people. I believe that we should instill this culture in the country and expand this type of financing, Amir Hamouni continued.
This type of debt purchase contract that was done today for the Kish Free Zone is unique. This is the first time that this opportunity has been provided to businesses and infrastructure projects other than banks,Hamouni noted.