Iran to invest $15 billion in Industry

Business Materials 19 July 2011 18:53 (UTC +04:00)

Azerbaijan , Baku, July 19 /Trend/

Iran will invest $15 billion in industry to boost development and launch of new projects, IRNA reported quoting Mines and Industry Ministry caretaker Mehdi Ghazanfari as saying.

"A total of $15 billion will be invested in industry provided by banks," he said.

20 percent of cutting subsides revenues will be invested in industrial, agricultural and mineral products and currently more than $900 million distributed among manufacturers, he added.

It is expected $5 billion will be assigned to industrialists and manufacturers while Iranian banks invest $10 billion in developing plans in private sector and reconstruction of industrial units.