Iran brings power to 1,000 Sri Lankan villages
Tehran, Iran, April 20
By Mehdi Sepahvand - Trend:
Iran's SANIR Co. has brought electrical power to 1,000 villages in Sri Lanka, the company's Deputy CEO Masoud Hojjat said.
He said the project to stretch power lines to the villages kicked off in 2010 as an EPC (engineering, procurement and construction contract) worth $106.5 million, underlining that the company carried it out in defiance of international sanctions, IRNA news agency reported April 20.
He further explained that 65 percent of the project's financing came from Iran's Bank Saderat, 25 percent was provided by Mabna Behineh Sazan Niroo Co. as contractor, and 10 percent by SANIR.
Hojjat pointed out that sanctions made the bank unable to fully provide its share of financing the project, which caused delay in accomplishing the project which had originally been defined within a period of 36 months.
Until recently Iran was banned from international monetary transactions under sanctions imposed on the premises of its nuclear program. The sanctions were lifted following the implementation of a comprehensive deal with world powers in January.