Iran’s Largest Holding Seeks Gov’t Help to Finance Delayed Projects

Iran’s largest holding, the financially troubled Social Security Investment Company, also known by its Persian acronym Shasta, has called on the government to help finance several infrastructural projects undertaken by one of its subsidiaries.
Sabir Dam & Water Works Construction Company is currently operating three of the country’s largest development projects, namely Karaj Metro Project and Chamshir and Kouhrang dams in Kohgilouyeh-Boyerahmad and Chaharmahal-Bakhtiari provinces respectively.
Karaj Metro Project has been in the making for the past 11 years, with most of the delay reportedly linked to financial disagreements between the project owner, namely Karaj City Council, and contractor, Sabir.
“About 7 trillion rials ($166.6 million) have been invested in the metro project in the last [fiscal] year (March 21, 2017-18), and Phase I’s construction requires about 20 trillion rials ($476.19 million) more,” said managing director of Shasta, Morteza Lotfi, during a meeting with the head of Management and Planning Organization, Mohammad Baqer Nobakht.