Over $6.4b allocated to unfinished projects

July 5, 2019

TEHRAN – The Iranian government has allocated 270 trillion rials (over $6.4 billion at the official exchange rate) for the completion of unfinished development projects, Tasnim reported on Friday, quoting head of the Planning and Budget Organization (PBO) as saying.

Despite a limitation in financial resources, a total budget of 430 trillion rials ($10.23 billion) was earmarked for the completion of unfinished development projects, of which 270 trillion has so far been allocated, according to Mohammad Baqer Nobakht.

“We have decided to spend the money on projects that can be completed this year (ending March 20, 2020),” the official said, adding, “There are over 80,000 semi-finished development projects across the country.”

He referred to the completion of semi-finished development projects as a top priority for the government, saying that at least four quadrillion rials (over $95 billion) is needed to complete all such projects.

In February, the industry minister Reza Rahmani announced that completing 12,000 semi-finished industrial projects with over 60 percent progress across the country was a priority.

Meanwhile, the Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO) has underlined the need for implementing semi-finished projects, saying it is a top priority for the current fiscal year.

EF/MG

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