Iran to use $30 bln of its frozen assets for financing national plans

Business Materials 28 December 2013 13:07 (UTC +04:00)

Baku, Azerbaijan, Dec.28

By Fatih Karimov - Trend: Iran will use $30 billion of its frozen assets for financing national projects in the next Iranian calendar year, which starts on March 21, 2014 the Fars News Agency quoted a government official as saying on Dec.28.

Totally, $35 billion will be invested in the projects. $30 billion of the sum will be secured after releasing the frozen assets.

Accordingly, 26 national projects will be financed using foreign financing.

Spokesman of Iran's administration, Mohammad-Baqer Nobakht said on Nov. 27 that the amount of assets which will return to Iran is higher than $8 billion.

Iran and six world powers reached a breakthrough deal early on Sunday on Tehran's nuclear program. The deal signed in Geneva suggests some softening on sanctions against Iran.

There is no concrete figure for the amount of Iran's frozen assets abroad. Iran's former Deputy Commerce Minister for Economic Affairs, Hamid Safdel said in February that $100 billion worth of Iran's assets have been blocked overseas.

Head of the Majlis Research Center Kazem Jalali said on Aug.2 that some $60 billion worth of Iranian assets were blocked by foreign banks.

In turn, AP reported on Oct. 18 that Iran's assets are estimated to be between $50 billion to $75 billion.

The U.S. and its Western allies suspect Iran of developing a nuclear weapon - something that Iran denies. The Islamic Republic has on numerous occasions stated that it does not seek to develop nuclear weapons, using nuclear energy for medical research instead.