Iran’s roads ministry to issue $3.5 bln bonds
Azerbaijan, Baku, May 6 / Trend M. Moezzi /
Nearly $3.5 billion in participation bonds will be offered by Iran's Ministry of Roads and Urban Development this year.
The bonds will be issued gradually throughout the year (Iran's solar year ended on March 19) at 20 percent annual interest rate, an 18 percent interest rate for redemption in one year and 19.5 percent interest rate for more than a year, the Iranian Students' News Agency (ISNA) reported on Sunday.
Funds raised from the offering will be used to speed up rail and freeway projects, Deputy Roads Minister Ahmad Sadeghi said.
The ministry is looking for foreign investors to help fund its transportation infrastructure projects, Sadeghi said.
Talks with Turkey, China, the Ukraine, Russia and Malaysia will continue in an effort to finance projects the Roads Ministry lacks funds for.