Economy, Business And Markets

$41m for Renovating Houses

$41m for Renovating Houses$41m for Renovating Houses

Based on a memorandum of understanding (MoU) between the Ministry of Roads And Urban Development and Imam Reza Mehr Fund along with Cooperative Investment Guarantee Fund, 1.2 trillion rials ($41 million at official exchange rate) will be allocated for reconstruction projects, in the form of 6,000 interest-free loans (four percent for commission fee), Banker news website reported. Each loan will be 200 million rials, said Mohammad-Saeid Izadi, deputy minister of roads and urban development. In addition to providing funds to renovate old houses, the loan can also be used as purchasing or rent down payment or making the buildings earthquake resistant.