Iran’s industry and mines budget to increase 172%

March 6, 2011 - 0:0

TEHRAN –- The Iranian deputy industry and mines minister said the budget of the industry and mines sector will increase by 172 percent in the upcoming Iranian calendar year (March 2011-2012).

The Mehr News Agency quoted Saeed Sharifzadeh as saying the budget allotted to the industry and mines sector has been set at almost $700 million.
In addition, $5 billion credit from the Central Bank and $3 billion from the Forex Reserve Fund has been allocated to the sector.
Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO) and Industrial Development and Renovation Organization of Iran (IDRO) have been granted permission to publish 2 billion euros worth of Islamic sukuk bonds in the next Iranian calendar year to complete semi-finished projects in impoverished areas