41 Water, Power Projects Approved

41 Water, Power Projects Approved41 Water, Power Projects Approved

Energy Minister Hamid Chitchian said the Economy Council, a governmental coordinating committee, has approved 41 water and electricity projects.

"In line with the Resistance Economy, the approved projects involve reforming the economic system, increasing efficiency, developing water and electricity infrastructures and maintaining and enhancing the quality and quantity of services in the sector," the minister was quoted as saying by Mehr News Agency.

Chitchian said last year Iran's electricity industry needs an annual investment of $2 billion, noting that the water and electricity sectors can attract $30 billion in foreign direct investment once sanctions are lifted.

Iran reached a landmark agreement with six world powers (the five permanent members of the United Nations Security Council plus Germany) in July that limits its nuclear program in exchange for sanctions relief. The deal, officially known as the Joint Comprehensive Plan of Action, is expected to take effect in mid-January. Last month, Tehran Water and Wastewater Company said it received investments worth $223 million from China to build two water treatment facilities in southern Tehran for approximately 1.2 million local residents.

Nearly 3,000 water and wastewater projects nationwide are incomplete due to lack of funds. Noting that the policies of Resistance Economy are considered a complete economic program, Chitchian said that the private sector, cooperatives, institutes and the whole nation are responsible for adopting the Resistance Economy policies, in addition to the government.