Iran’s allocated development budget rises by 223%

Business Materials 30 September 2014 15:35 (UTC +04:00)

Baku, Azerbaijan, Sept.30

By Fatih Karimov - Trend:

Iran's allocated development budget has been increased by 223 percent in the first half of the current year ((began on March 21) compared to the year before.

In the first half of the current year, 110 trillion rials (about $3.4 billion) has been allocated to development projects, Iran's Fars news agency reported on September 30.

Earlier, Iranian vice president Mohammad-Baqer Nobakht said that development projects with over 70 percent progress will be completed by the end of the year.

The administration of Iranian President Hassan Rouhani needs $400 billion to complete semi-finished development projects across the country, Nobakht said, adding that there are 2,906 projects semi-finished nationwide.

The administration has not initiated any project since President Rouhani took office in August, he noted.