Tehran, Iran, March 16
By Mehdi Sepahvand - Trend:
The Telecommunication Company of Iran has received ˆ1 billion finance from a foreign investor, the company's Board of Directors Chairman Mostafa Seyyed Hashemi said.
The source of the finance is the world's second greatest vendor, he stressed, Tasnim news agency reported March 16.
"The contract is not in the form of usance. It is such that we will pay 15 percent in the beginning and the remaining 85 percent after three years when intended equipment is installed and one year of freedom is passed," he added.
Iran has been seeking to revive various sectors via foreign investment in the wake of the removal of sanctions.
Iran considers luring in $25 billion worth of foreign investment to spend on the country's development projects, Iranian deputy minister of economy, Mohammad Khazaei, said during a press conference February 1.
Khazaei said that Iranian parliament is currently reviewing the 6th Development Plan, a framework for a 5-year perspective of economic performance in Iran between 2016- 2021, under which $25 billion out of the annual $90 billion worth of total investment should be acquired from foreign sources.