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Iran allocates $94 billion for completing semi-finished projects

Business Materials 6 January 2013 06:49
The Iranian administration has allocated 1,150 trillion rials (about $94 billion) for completing semi-finished national projects, IRNA quoted Iranian First Vice-President Mohammad-Reza Rahimi as saying.
Iran allocates $94 billion for completing semi-finished projects

Azerbaijan, Baku, Jan. 4 / Trend F.Mehdi/

The Iranian administration has allocated 1,150 trillion rials (about $94 billion) for completing semi-finished national projects, IRNA quoted Iranian First Vice-President Mohammad-Reza Rahimi as saying.

In December 2012, the Iranian Ministry of Industry, Mine and Trade announced that it has completed 2,000 semi-finished projects through investing 40 trillion rials (about $3.3 billion), IRIB reported.

The highest amounts of investment have been carried out in Isfahan, Khorasan Razavi, and Tehran provinces, creating some 10,000 jobs, according to the report.

The Iranian government and parliament have agreed to finance production sector projects using the revenues of the National Development Fund (NDF) and oil exports.

The NDF has allocated $3 billion worth of its assets to pay facilities in loans to the agriculture and industry sectors, the NDF's deputy manager said in September 2012.

Mohammad-Qasem Hosseini added that the sum will be turned into rials to finance domestic projects in industry, mine, water, and agriculture projects, the Fars News Agency reported.

In May 2012, the industry, mine and trade minister said that ten per cent of the NDF's assets will be allocated for supporting the domestic production sector.

Mehdi Ghazanfari told IRNA that three percent of assets of specialized industry and agriculture banks will be also paid to boost the production sector.

According to the current year's budget law, 10 percent of the NDF's assets should be turned into rials and be invested in the agriculture sector and 10 percent in the industrial sector.

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