Road Construction Awaiting NDFI Funding
Economy, Domestic Economy

Road Construction Awaiting NDFI Funding

The ministry of road and urban development is negotiating with the National Development Fund of Iran (NDFI) for funding eight road construction projects worth around $5.6 billion, said a deputy road minister expressing hope that the negotiations would yield positive results.
Although the two sides have not yet signed a contract for funding the projects, Ali Nourzad anticipated that an agreement is within reach.
“Currently there are 600 kilometers of roads under construction, with the construction of another 1,900 kilometers being studied,” he said.
Noting that the budget needed to complete the ongoing projects is estimated at 37.5 trillion rials ($1 billion), he also said the construction projects have already caused 1.4 trillion rials ($40 million) in debts. Nevertheless, only close to 7 trillion rials ($200 million) has been allocated to the ministry from the annual budget, he said, which makes it impossible to complete the unfinished projects without the contribution of domestic and international investors.
The remarks over using NDFI finances for road building came after lawmakers in the parliament gave the green light for the NDFI to grant loans in foreign currency to national transportation development plans as of next Iranian year (starting March 21).
The transportation system (including four main areas of marine, rail, air, and road transportation) has great potential for investment, said the deputy minister, adding that there are also plenty of unfinished projects that have been suspended due to lack of funds.
Earlier, Safdar Hosseini, board member and chairman of the NDFI, had announced that the fund is willing to invest in developmental projects.

Short URL : http://goo.gl/ggzoRm

You can also read ...

Alcatel’s Android Go Cellphone in the Offing
Two of the phones Alcatel revealed last month will be coming...
NASA Seeks Help to Check Satellites
NASA is asking all cloud gazers to snap photos of the sky and...
Iran has signed a contract with China Railway Group Limited in 2015 to build a 415-km (260-mile) high-speed north-south rail line between Tehran and Isfahan via Qom.
The Economy Ministry sold 2 trillion rials ($41.6 million) of...
Banque Delubac Ready to Service Iranian Businesses
Executives with Banque Delubac and Cie, an independent French...
Trade With Afghanistan Tops $2b
Iran and Afghanistan exchanged 5.32 million tons of non-oil...
$92m Worth of Gov’t Debts to Be Cleared in Swap Deal
The government has decided to clear over 4.45 trillion rials...
Iran-Lithuania Trade Falls 44% in 2017
Trade between Iran and Lithuania stood at more than €11.1...
Gov’t, Workers, Employers Deadlocked in Setting Minimum Wage
With only a day left for the Supreme Labor Council to set the...