Economy, Business And Markets

IMIDRO to Invest in Rural Areas

IMIDRO  to Invest  in Rural AreasIMIDRO  to Invest  in Rural Areas

Based on a new resolution passed by the parliament on Sunday, the Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO), the Industrial Development and Renovation Organization of Iran (IDRO), and the Iran Small Industries and Industrial Parks Organization (ISIPO) are allowed to invest up to 49% in the country’s underdeveloped areas, IRNA reported. The decision, taken by the parliament while reviewing the budget bill for the upcoming Iranian calendar year (starting on March 21), facilitates the establishment of small industries in rural areas and small towns. The lawmakers also passed a resolution based on which the government will be granted a $500 million loan to expand the water distribution network in rural areas. The loan, offered by the National Development Fund of Iran (NDFI), has to be paid back within eight years.