Municipalities Sell $330 Million Bonds 

Municipalities in the big cities sold “participatory bonds” worth 100 trillion rials ($333 million) in the first four months of current fiscal year that started in March. 
The sale was up 49.6% on the same period last year. Almost 80% of the bonds were sold in the fourth calendar month, the Central Bank of Iran said.
Municipal bonds are debt issued by municipalities to fund urban expansion projects. This time the debt was issued by municipalities in Tehran, Mashhad, Isfahan, Ahvaz, Tabriz, Karaj and Shiraz to fund development programs, namely urban rail systems, pathways, infrastructure and Bus Rapid Transit (BRT) networks.