Big Municipalities Sold $370m Bonds Last Year 

Municipalities in big cities sold 114.7 trillion rials ($370 million) ‘participatory bonds’ in the last fiscal year that ended in March.
This was more than double on an annualized basis (106.8%) according to data released by the Central Bank of Iran.
Municipal bonds are debt securities issued by municipalities to fund development projects. Bonds were sold by municipalities in Tehran, Mashhad, Isfahan, Ahvaz, Tabriz, Karaj and Shiraz to pay for expansion of rail networks,  pathways, rehabilitating urban structure and developing Bus Rapid Transit (BRT) systems. 
Citing data released by the Securities and Exchange Organization, the CBI said municipalities sold 18.2 trillion rials ($58.7m) bonds in the first month of current fiscal year.