TM Authorized to Issue Bonds Worth $133m to Finance Public Transport

With costs of infrastructure development soaring, Tehran City Council has ratified a motion allowing Tehran Municipality to raise 40 trillion rials ($133.30 million) through the issuance of participatory bonds for streamlining public transportation in the current fiscal year (ending March 2021).
The previous cap was at 30 trillion rials ($100 million) that has been raised, following Tehran Mayor Pirouz Hanachi’s request, ISNA reported.
Hard pressed by sanctions, the Iranian economy has contracted while the cost of infrastructure projects continues to increase.
Mohammad Alikhani, the head of Tehran City Council’s Transportation Commission, said the decision has been ratified by Iranian Parliament’s joint commission for budget and transportation. 
“The raise will be incorporated as an amendment to the approved budget bill of 2020-21,” he said.