Iran’s half-finished petrochemical projects to get almost $3 billion

Iran 24 July 2012 14:54 (UTC+04:00)

Azerbaijan, Baku, July 24/ Trend M. Moezzi

Iran plans to spend nearly $3 billion (USD) on 21 unfinished petrochemical projects as part of its 'Mehr Mandegar' plan.

Money to finish the projects will come from several sources. Iran's National Development Fund (NDF) has provided $2 billion for the semi-finished petrochemical projects' foreign exchange needs. Bank Mellat will issue almost $41 million in banking facilities to projects that are more than 90 per cent finished and have documentation. Another $815 million will be raised by certificates of deposit securities issued by Bank Sepah for three-party contracts.

Mehr Mandegar is a plan to complete half-finished transportation, industrial, scientific, technological, cultural, agricultural and health projects by the end of Iran's current administration.

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