Economy, Business And Markets
0

30% of IRMF Revenues Spent on Poverty Alleviation

30% of IRMF Revenues Spent on Poverty Alleviation 30% of IRMF Revenues Spent on Poverty Alleviation

Thirty percent of revenues earned by companies affiliated to the Islamic Revolution Mostazafan Foundation are allocated to poverty alleviation programs.

This was announced by Mousa Barzegari, managing director of Alavi Foundation, an IRMF subsidiary charged with poverty eradication programs. 

Alavi Foundation’s activities include supporting the have-nots by helping them find employment and providing them with social housing, IRNA reported.

According to the head of the foundation, Mohammad Saeedikia, IRMF accounts for 1.5% of Iran’s gross domestic product.

“The foundation’s revenues stood at 169 trillion rials ($4.22 billion) in the eight months of the current Iranian year (started March 20, 2016), about 8% more than last year’s similar period,” he was recently quoted as saying. 

Saeedikia put the total value of IRMF projects at 160 trillion rials ($4 billion) and said plans are afoot to increase the figure to 250 trillion rials ($6.25 billion) in the next three years.

The Islamic Revolution Mostazafan Foundation, established in 1979 to serve “the oppressed and disabled”, has now grown to become one of the largest conglomerates in Iran.

Add new comment

Read our comment policy before posting your viewpoints

Financialtribune.com