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Today is Thursday - January/18/2018
Iran allocates over $3.4b for development projects in 6 months


Iran allocates over $3.4b for development projects in 6 months



The Iranian administration has allocated 110 trillion rials (about $3.437 billion) for the implementation of development projects in the first half of the current Iranian calendar year (March 20-September 22), a 223 percent rise compared to the same period in the previous year.

The administration earmarked 34 trillion rials (about $1.062 billion) for development projects in the first half of the previous Iranian calendar year, the Fars News Agency reported on Tuesday.

Earlier, Iranian Vice President for Planning and Strategic Supervision Mohammad-Baqer Nobakht said that the government will fund development projects which are complete by over 70 percent in the current year.

On April 26, Nobakht said the administration will invest 400 trillion rials (about $12.5 billion) in development projects.

“The money will be allocated to projects with over 80 percent progress,” he added.

In January, the Iranian government approved the issuing of 150 trillion rials (about $4.687 billion) in bonds to finance economic development plans.