Tehran Municipality to Issue $2.4b of Participatory Bonds

Tehran City Council has ratified the issuance of participatory bonds worth 300 trillion rials ($2.4 billion) by the municipality to finance the expansion of the capital’s subway network.
After the latest meeting of Tehran City Council on Sunday, Tehran Mayor Pirouz Hanachi announced that the municipality has been allowed to issue 300 trillion rials ($2.4 billion) worth of participatory bonds, ISNA reported.
“The money will be used for overhauling Tehran’s public transportation network, especially its subway and public bus fleet,” he said.
"Two-thirds of the money raised by offering participatory bonds will be spent on the construction of unfinished subway lines in the capital and the remaining will be injected into streamlining the city's bus transportation fleet."
Hanachi noted that considering the financial hardships facing Tehran Municipality, the new decision will help promote Tehran’s public transportation system.