TEHRAN — Iran’s government has approved 90 foreign investment plans, worth more than 5 billion dollars, in the last six months, Iran’s deputy economy minister said.

IRNA news agency quoted Behrouz Alishiri as saying that by approving the plans, foreign investors can start their projects in Iran, which usually take few years long to be completed.

The head of Organization for Investment, Economic and Technical Assistance of Iran added that the amount of approved plans will enter gradually to Iran’s economy within few years.

“Despite Western restrictions, Iran approved 12 billion dollars worth of foreign investment plans and attracted more than 3.6 billion dollars of FDI last year, Alishiri further said.

Meanwhile, Iran's Minister of Economic Affairs and Finance said, “A national headquarters has been set up to support investors, and foreign investors will be also granted honorary Iranian citizenship.”

The minister said that foreign investment in Iran grew 124 percent in 2009 and 2010.

“President Mahmoud Ahmadinejad has established a delegation to reduce bureaucracy in the investment sector,” he added.

The minister said a special investment award is also being considered this year to encourage more foreign investment.

Hosseini said Iran's National Development Fund's reserves stand at USD 24.4 billion and at least 20 percent of this sum will be allocated to promoting foreign investment.