TEHRAN – The Iranian administration will invest 400 trillion rials (about $15.5 billion) in development projects, Iran’s vice president for strategic planning said on Saturday.
“The money will be allocated to projects with over 80 percent progress,” IRIB quoted Mohammad Baqer Nobakht as saying.
In January, the Iranian government approved the issuing of 150 trillion rials (about $6 billion) in bonds to finance economic development plans, ISNA reported.
Ministries of oil, energy, transport and urban development, were allowed to issue $2 billion, $1.6 billion, and $1 billion worth of bonds respectively.
The Defense Ministry was authorized to issue $201 million worth of bonds, while ministries of telecommunications and information technology, industry, mines and trade, and agriculture each were allowed to issue $403 million worth of bonds.