Divestments to Help Development Projects

Earnings from the first phase of the government’s disinvestment plan will be used for development projects stated in the fiscal 2020-21 budget, a deputy minister of economy said.  
The government expects to make 170 trillion rials ($1 billion) by divesting its first phase of shares through an exchange-traded fund that holds government stakes in three banks and two insurance companies. 
“Income from selling shares via the ETF will be used solely for completing development projects and not for current (gov’t) expenditures,” Abbas Memarnejad, deputy economy minister for banking, insurance, and state-owned companies' affairs was quoted as saying by IRNA. He did not name the projects.