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Iranian minister says over 8000 national projects face budget deficit

Business Materials 8 January 2013 00:35
More than 8000 projects in Iran are facing a budget deficit and remain half- finished, IRNA quoted Iranian Industry, Mine, and Trade Minister Mehdi Ghazanfari as saying.
Iranian minister says over 8000 national projects face budget deficit

Azerbaijan, Baku, Jan. 7 / Trend F.Mehdi /

More than 8000 projects in Iran are facing a budget deficit and remain half- finished, IRNA quoted Iranian Industry, Mine, and Trade Minister Mehdi Ghazanfari as saying.

Ten per cent of the National Development Fund's assets have been projected to be allocated to meet the financial needs of domestic production units, he noted.

To date up to 30 trillion rials (about $2.5 billion) worth of projects has been introduced to the banking system to receive financial facilities, he added.

The Iranian administration has allocated 1150 trillion rials (about $94 billion) for completing half-finished national projects, Iranian First Vice-President Mohammad-Reza Rahimi said on Friday.

In December 2012, the Iranian Ministry of Industry, Mine and Trade announced it had completed 2000 half-finished projects through investing 40 trillion rials (about $3.3 billion), IRIB reported.

The Iranian government and parliament 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.

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