The Iranian government plans to borrow two billion dollars to finance the completion of numerous ventures in progress. Out of the total, $1.5 billion will be raised on European bond markets. Some $650 million of funds are already in the hands of the government, reported Iran’s Management and Plan Organization (MPO).
The unfinished projects were launched under the Third Five-Year Development Plan, which spans from March 2000 to March 2005. The schemes awaiting completion include a 500-megawatt (MW) power plant in addition to projects the oil, water and natural resources industries.
According to the MPO, there are 54,200 semi-finished projects in the country. The damage inflicted by the annual delay in execution of development projects reached 4.6 billion Iranian rials ($575 million) as of July 2002. The Ministry of Interior calculated that the nation needs IR 218 trillion to complete projects in progress. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
