1716
Construction Spending Rises 223%
Economy, Domestic Economy

Construction Spending Rises 223%

The Rouhani administration has allocated 110 trillion rials (more than $4 billion) to civil construction projects in the first six months of the current Iranian year (March 21-September 22), indicating 223 percent growth as compared to the same period last year, FNA reported on Tuesday.
The report added that the total amount of state funding for the construction projects reached 34 trillion rials (more than one billion dollars) during the same period last year.
In rural areas, the total budget allocated to civil construction projects has reached 30 trillion rials (more than one billion dollars) in the first half of the year. The number shows a 10-fold increase compared to 3 trillion rials (about $112 million) spent on rural construction in the same period last year.
Earlier this year, Mohammad Bagher Nobakht, president’s adviser for supervision and strategic affairs, announced that the administration will allocate all the required finances for those civil construction projects with more than 70 percent of progress.
Part of the government’s plan of action to exit recession, published in June 2014 by the Rouhani administration’s economic team, explains a process through which the government aims to pay off its debt to the contractors as well as to the banking system. The government plans to amend the current budgeting process and instead, provide a detailed projection of all estimated income and expenses based on forecasted sales revenue for each fiscal year.
Officials say the government aims to assign semi-finished projects to the private sector because the civil construction budget alone cannot meet the current needs of construction sector.

 

Short URL : http://goo.gl/eNh0PG

You can also read ...

The number of new apartments built in 12 old districts of Tehran leaped by 56% compared with the corresponding period of last year.
Top construction companies in Iran are mostly known for...
Amid Tensions With America, Businesses Flock to Iran
Right now, the US is doing the rest of the world a big favor...
Iran’s Dairy Industry Booming, as Exports Expand
The Iranian dairy industry is beginning to expand, as dairy...
Butter Imports From 6 Countries
More than 13,900 tons of butter worth 2.13 trillion rials ($65...
Mohammad Javad Zarif addresses a parliamentary session on Wednesday to gain the vote of confidence to serve another four years as Iran’s foreign minister.
In a parliamentary session on Wednesday to gain a vote of...
Int’l Glass Expo Scheduled
The First International Exhibition of Glass and Related...
Bounced Checks Down 5.6%
Iranian banks returned 1.5 million checks worth 130.6 trillion...
Post Company Also Spots Profit in E-Market
The state-owned Iran Post Company is looking for a slice of...

Trending

Googleplus