Economy, Domestic Economy

Over $9b Earmarked for Development Projects

Over $9b Earmarked for Development ProjectsOver $9b Earmarked for Development Projects

The government will have spent 374 trillion rials ($9.87 billion) in development projects by the end of the current Iranian year (March 20, 2018), says government spokesperson, Mohammad Baqer Nobakht, adding that 440 billion rials (11.6 million) of this sum have already been allocated.

"The government is also planning to issue 9.5 trillion rials ($2.5 billion) worth of bonds to settle its huge debt to contractors," Nobakht was quoted as saying by IRNA. In May, deputy minister of roads and urban development, Amir Amini, said the government had spent 360 trillion rials ($9.6 billion) from August 2013-Mach 2017 to develop domestic transport infrastructures, adding that it has yet to settle 105 trillion rials ($2.8 billion) of debt to contractors.

Add new comment

Read our comment policy before posting your viewpoints