42849
Funding for Mehr Housing Scheme
Economy, Business And Markets

Funding for Mehr Housing Scheme

The Cabinet has announced that all the necessary steps would be taken so that 350,000 residential units are ready for delivery by the end of the present fiscal year that ends in March 2017. The units are being built under the auspices of the low-cost Mehr Housing Project. A total of 26.5 trillion rials ($869.4 million) will be allocated to pay contractors. As projected, 10 trillion rails ($331.9 million) will come from selling Islamic Treasury bills, four trillion rials ($132.7 million) from a special fund created for crisis management, seven trillion rials ($232.3 million) from the New Towns Development Company and National Land and Housing Organization, one trillion rials ($33.1 million) from internal resources of the Ministry of Energy, and 4.5 trillion rials ($149.3 million) from the 2015-16 budget law.

 

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