$3.4b in bonds to fund steel projects
Iran plans to issue 34 trillion rials (around $3.4 billion) worth of cooperative bonds to expedite the implementation of 8 steel projects nationwide.
In the first phase next week, 5 trillion rials (some $500 million) worth of bonds will be issued, the Mehr News Agency reported.
The bonds will finance 30 percent of the needed amount for these projects, while the Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO) and foreign investors will secure 33 percent and 37 percent of the sum, respectively.
According to The Islamic Republic of Iran Broadcasting the Crude steel production in plants supervised by IMIDRO in the nine month period ending December 21, reached 7.8 million tons showing 4 percent growth compared to the same period the year before.
The report added that the total exports of crude steel and steel products in this period hit 825,583 tons worth $358 million, which is 71 percent more in terms of weight compared to the year before.
Once 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, soar in steel production, and promotion of industrial infrastructure.