Azerbaijan, Baku, May.25/ Trend F.Karimov/
The Iranian parliament (Majlis) approved a bill today, allowing 7 ministries to issue 150 trillion rials (about $12.5 billion based on official rate dollar of 12,260 rials) to finance economic development plans, the Mehr News Agency reported.
Ministries of energy, oil, roads and urban development, defense, telecommunications and information technology, industry and trade, and agriculture were allowed to issue the bonds, especially to fund oil and gas, water and wastewater projects in border areas and underdeveloped regions.
In July 2012, Oil Ministry official Mohsen Khojasteh-Mehr said the Central Bank of Iran had opened a $10 billion line of credit for a number of national oil projects in the upstream sector.
The national oil projects have a number of sources of finance, such as access to 18 percent of the assets of the National Development Fund and the funds acquired through the issuance of $10 billion in foreign currency bonds, the issuance of 15 trillion rials in other bonds, and the sale of $10 billion of shares and properties of the Oil Ministry, Khojasteh-Mehr told the Shana News Agency.
Meanwhile, Oil Minister Rostam Qasemi has said that the global economic sanctions against the Islamic Republic would not hinder the development of the country's oil industry.
The Oil Ministry is committed to accelerating the implementation of its development plans, financed through the financial system and through government bonds, he said.
Iran to fund economic development plans through $12.5 billion in bonds
The Iranian parliament (Majlis) approved a bill today, allowing 7 ministries to issue 150 trillion rials (about $12.5 billion based on official rate dollar of 12,260 rials) to finance economic development plans.