Iran boost credits to refurbish old buildings

August 22, 2010

TEHRAN, Aug. 21 (MNA) – The Iranian deputy housing and urban development minister said the facilities for the refurbishment of aged buildings nationwide has increased to $6.3 billon from the past year's $3.3 billion.

The Mehr News Agency quoted Ahmad Sadeqi as saying that by the end of the Fifth Development Plan (2015) some 10,000 hectares area of old structures and 1.25 million units will be refurbished.
He pointed out that the renovation plan has gained a greater momentum compared to the past.
The Iranian Majlis (parliament) approved in July a directive to the Central Bank to allocate at least 25 percent of low-interest bank facilities related to the housing sector for the refurbishment and reconstruction of old buildings.
The Islamic Republic of Iran News Network reported that the Majlis also instructed the administration to spend some $1 billion annually as part of the national yearly budget for refurbishment and reconstruction on old structures