$1b in bonds to fund steel projects
Ten trillion rials (around $1 billion) worth of cooperative bonds will be issued next Iranian month (November 20-December 10) to expedite the construction of 8 steel projects in Iran, Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO) stated.
Islamic Republic of Iran Broadcasting reported when these eight projects come on stream a minimum of 6.4 million tons will be added to the steel production capacity of Iran. This figure can be increased.
These projects are currently underway in the underdeveloped regions of the country and have created nearly 100,000 direct and indirect jobs.
In addition, these projects have resulted in industrial decentralization, progress in underdeveloped regions, increase in GNP, soaring in steel production, and promotion of industrial infrastructure.