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Iran receives over $3b in investment through banking system

Business Materials 10 May 2017 12:50 (UTC +04:00)

Baku, Azerbaijan, May 10


By Khalid Kazimov – Trend:

The volume of foreign investment in Iran over the last fiscal year (started on March 20) has increased by $3.124 billion, a senior financial official said.

According to Iran’s Deputy Economic Affairs and Finance Minister Mohammad Khazaei, the country received over 3.124 billion in investment through banking systems over the last year, IRNA news agency reported.

This amount of investment has gone to the country’s provinces and free trade zones, he added.

The official did not provide further details on the foreign investment lured in 2016/17.

Iran has already approved plans for luring worth of about $10 billion of foreign investment since the Joint Comprehensive Plan of Action (JCPOA aka nuclear deal) was implemented last January.

According to Iranian President Hassan Rouhani, in order to hit the goal of economic growth of eight percent, Iran needs to lure in at least $30 billion in investment per year.

Although nuclear sanctions on Tehran have been removed following the implementation of the JCPOA, most of European banks still appear reluctant to do business with Iran over concerns on running afoul of US regulations.

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