Majlis approves bank facilities for old buildings

Business Materials 15 July 2010 10:46 (UTC +04:00)

The Iranian Majlis (parliament) approved a directive to the Central Bank to allocate at least 25 percent of low-interest bank facilities related to the housing sector for the refurbishment and reconstruction of old buildings.

The Islamic Republic of Iran News Network reported that the Majlis also instructed the administration to spend some $1 billion annually as part of the national yearly budget for refurbishment and reconstruction on old structures.

The municipality was also notified to spend the same amount as the administration in old urban areas.