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Majlis Sets Foreign Finance Limit at $50b

Majlis Sets Foreign Finance Limit at $50bMajlis Sets Foreign Finance Limit at $50b

The parliament has approved a measure on Tuesday to increase the ceiling for using foreign investments in projects, setting the borrowing limit at $50 billion in addition to what is left from previous year’s allocation.

“This is to support companies that attempted to absorb foreign finances and went through a long process. If the directive had not been passed, they would have to start everything from scratch,” the Majlis Joint Commission’s spokesman was quoted as saying by IBENA.

“In addition to previous projects, the limit has been extended to $50 billion,” Mohammad Mehdi Mofatteh added. 

The parliament also allowed the ministries of Science, Research and Technology, Health and Medical education, Energy, Oil, Roads and Urban Development, Sports and Youth, Industries, Mining and Trade, and Agriculture, as well as the Atomic Energy Organization of Iran and Iran’s Cultural Heritage, Handicrafts and Tourism Organization to issue 100 trillion rials ($2.5 billion) worth of participation bonds or sukuk while guaranteeing their repayment.   

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