7 Municipalities Sold $330m Bonds in Nine Months: CBI

Municipalities of seven major cities issued 89.3 trillion rials ($330 million) in bonds in the first nine months of present fiscal year to Dec. 21.
Compared to same time last year, the bond sale was 70% higher, the Central Bank of Iran reported Saturday.
Municipal bonds (aka known as participatory bonds) are debt securities to help fund development and infrastructure projects.
The bonds were issued by municipalities in Tehran, Mashhad, Isfahan, Ahvaz, Tabriz, Karaj and Shiraz to largely pay for urban rail networks, expand pathways, rehabilitate urban structures and develop Bus Rapid Transit (BRT) networks.