Economy, Domestic Economy

Minister wants $37b for Road Development

Minister wants $37b for Road DevelopmentMinister wants $37b for Road Development

The minister of roads and urban development, Abbas Akhundi, announced that the minimum amount required for the development of the national road network is about 1,000 trillion rials ($37.3 billion based on official exchange rate), adding that road transport projects will receive more financing in case Iran’s international relations improve as a result of a possible comprehensive nuclear agreement between Iran and the P5+1 (the five permanent members of the UN Security Council plus Germany).

As IRNA reported on Tuesday, the minister, who made the remarks on the sidelines of the Iran’s 6th National Bitumen Conference in Tehran, pointed out that the government has already studied the feasibility of connection of the 200-thousand-kilometer national road network to international road networks and seeks to attract domestic and international investors to accomplish the goal. “The government has prepared a bill in this regard and will soon submit it to the parliament to get the final approval,” Akhundi said.   

In a bid to improve the domestic transport infrastructure and provide the required machineries for the maintenance of the national road network, the cabinet has ratified the allocation of 2 trillion rials (roughly $61 million) for projects undertaken by the Road Maintenance and Transportation Organization (RMTO), IRNA reported Monday.