Iran to issue $35b bonds for development plans

May 25, 2011 - 0:0

TEHRAN — Iran’s budget law has permitted the government to issue 350 trillion rials (around $35 billion) in bonds to accelerate the implementation of development projects, SHANA news agency quoted Iranian Finance and Economic Affairs Minister Shamseddin Hosseini as saying here on Tuesday.

According to the budget law, affiliate companies of oil, energy, housing and urban development, and roads and transportations ministries can issue up to 27 trillion rials (some $27 billion) in bonds for financing their economically and technically justified projects, Hosseini added.
He further said that the budget also allows the government to issue Sukuk bonds as well.
The ministry plans to issue Islamic Sukuk bonds made available for the first time for the littoral Persian Gulf states and Middle East countries, Mehr news agency quoted deputy oil minister Mohsen Khojasteh-Mehr as saying.
The oil ministry plans to diversify its financial resources and one means of doing this during the Fifth Socio-Economic Development Plan (2010-2015) is to publish bonds, he added