Azerbaijan, Baku, Feb.11 / Trend F.Milad
Iran needs 700 trillion rials (some $57 billion based on the official rate of the USD) to complete nearly 5000 roads and urban development projects, Iranian Roads and Urban development Minister Ali Nikzad said on Monday.
Iran has inaugurated 1195 projects in the field of transportation and 16 in the housing sector at a total cost of 182.87 trillion rials (some $15 billion based on the official rate of USD) in the past 10 days, the IRNA News Agency quoted Nikzad as saying.
Over 351,000 house units will be inaugurated as part of the Mehr housing project by the end of the current Iranian calendar year (March 19), he added.
The Mehr housing project includes 4.3 million house units, Nikzad said, adding that 2.6 million have been inaugurated so far.
In May, 2012 it was announced that nearly $3.5 billion worth of bonds will be offered by Iran's Ministry of Roads and Urban Development by the end of current year (March 19, 2013).
The bonds will be issued at a 20 per cent annual interest rate and an 18 per cent interest rate for redemption in one year and 19.5 per cent interest rate for more than a year, the Iranian Students' News Agency (ISNA) reported in May.
Funds raised from the offering will be used to speed up rail and freeway projects, Deputy Roads Minister Ahmad Sadeghi said.
"The ministry is looking for foreign investors to help fund its transport infrastructure projects," Sadeghi said.
Talks with Turkey, China, the Ukraine, Russia and Malaysia will continue in an effort to finance projects where the roads ministry lacks funds.
