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MPs Approve $30b in Foreign Direct Investment

The proposal aims to lift Iran’s GDP growth to an annual average of 8%.The proposal aims to lift Iran’s GDP growth to an annual average of 8%.

Lawmakers on Monday approved a proposal that allows for attracting an average of $30 billion in foreign direct investment annually.

The proposal aims to lift Iran’s GDP growth to an annual average of 8%. It was put forward as part of the sixth five-year development plan (2016-21), which is currently being debated by the MPs, the Majlis news service ICANA reported.

The amount is set to be procured from foreign banks through lines of credit.

Lawmakers also allowed the attraction of $15 billion as foreign direct investment and $20 billion through partnership contracts with foreigners.

The parliament on Sunday reached consensus on the outlines of the sixth five-year development plan (2016-21).

The five-year development plans are designed by the government to help achieve sustainable growth.

The Sixth Plan stipulates the utilization of the country’s full capacities and resources to achieve sustainable and rapid economic growth at an annual average rate of 8%.

The Central Bank of Iran, in its latest report on the country’s economic growth, said gross domestic product during the first half of the current fiscal year (started March 20) grew 7.4% compared with last year’s corresponding period.

The full ratification of Sixth Plan is expected to take two weeks.

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