$2.5 Billion Allocated for Subways

Owing to the fact that most municipalities, including that of Tehran, are struggling with a hefty credit crunch, Shahr Bank has invested 100 trillion rials ($2.5 billion) to support the development of subways in the country, especially in Tehran, the head of Transportation and Civil Affairs Commission of Tehran City Council announced. “More than 60 trillion rials ($1.51 billion) of the resources have already been used to purchase equipment and develop systems, while the project is going ahead with a credit line of over 30 trillion rials ($760 million),” Mohammad Alikhani was also reported as saying by the bank’s news website. “In light of the significant amount of support that Shahr Bank extends to municipalities, the bank is considered their biggest partner. As municipalities have trouble getting loans due to their arrears, the lender can solve a considerable amount of their problems,” he said.