Participation Bonds to Fund Public Transport Development

The budget bill for the fiscal 2020-21 permits the issuance of participation bonds worth 80 trillion rials ($454.5 million) to finance the development of public transportation systems throughout the country, the head of Iran's Municipalities and Village Administrators said.
Mehdi Jamalinejad added that the resource is expected to give a helping hand to municipalities and urban managers to make a positive change in cities. 
The budget is expected to be spent on completing urban transportation infrastructure, including expansion of subway, bus and taxi fleets, IMNA reported.
Jamalinejad said a large portion of the country’s public transportation system is dilapidated and ready to be phased out.