Foreign investments in Iran hit $4 billion

Business Materials 11 July 2011 06:23 (UTC +04:00)

Azerbaijan, Baku, July 10 /Trend/

Iran attracted about $4 billion of foreign investment last solar year (ended on March 20,2011) and there was 20 percent growth in attracting foreign investment as compared to previous year, daily Resalat quoted Deputy Minister of Economic Affairs and Finance Behrouz Ali Shiri as saying.

"The volume of foreign investment in Iran reached $3.8 billion last solar year, however it's predicted that this value will increase by 60 percent in current solar year," he said.

Currently 20 percent of resources of the National Development Fund belong to foreign investments.

Iran, which has the world's second largest reserves of gas and third of oil, is facing US sanctions over its nuclear program.

The U.S. Congress approved financial sanctions against Iran in 2010 that impose strict conditions for foreign investors and financial firms and prevent them to invest more than $20 million in Iran's oil and gas industry.