Parliament OKs $5bn of Foreign Finance

The Iranian parliament approved a legislation that gives permission to the administration to attract five billion dollars in finance from foreign governments and financial institutions.

During an open session of the parliament on Sunday, the Iranian lawmakers approved part of an article of the budget bill of the next Iranian year (which will begin on March 21).

By approving the legislation, the MPs gave permission to the administration to attract up to five billion dollars in financial facilities or grants from foreign governments, financial institutes or international organizations.

According to the legislation, the financial facilities are planned to be used in infrastructure projects and development plans of the country.

Last month, the vice governor of the Central Bank of Iran (CBI), Gholamali Kamyab, announced that the country has managed to attract 7.2 billion dollars in finance from three foreign banks.

(Source: Tasnim, under Creative Commons licence)

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