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| Iran plans to issue $32b in bonds to fund development projects |
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.jpg) TEHRAN - The Central Bank of Iran has been authorized to issue 392 trillion rials (about $32 billion based on official rate dollar of 12,260 rials) in bonds to finance development plans in the current Iranian calendar year, which began on March 21, the Fars News Agency reported.
According to the current year’s national budget law, 150 trillion rials should be invested in the development of joint oil and gas fields, the establishment of water and wastewater treatment plants, and power stations in underdeveloped regions.
Ministries of energy, oil, roads and urban development, defense, telecommunications and information technology, industry and trade, and agriculture were allowed to issue the bonds.
In July 2012, Oil Ministry official Mohsen Khojasteh-Mehr said the Central Bank of Iran had opened a $10 billion line of credit for a number of national oil projects in the upstream sector.
The national oil projects have a number of sources of finance, such as access to 18 percent of the assets of the National Development Fund and the funds acquired through the issuance of $10 billion in foreign currency bonds, the issuance of 15 trillion rials in other bonds, and the sale of $10 billion of shares and properties of the Oil Ministry, Khojasteh-Mehr told the Shana News Agency.
Meanwhile, Oil Minister Rostam Qasemi has said that the global economic sanctions against the Islamic Republic would not hinder the development of the country’s oil industry.
The Oil Ministry is committed to accelerating the implementation of its development plans, financed through the financial system and through government bonds, he said.
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