Iran plans $11.5B developmental investment

Tehran, Iran, January 2

By Mehdi Sepahvand –- Trend:

Iran plans to invest 370 trillion rials (close to $11.5 billion) in developmental projects for the following Iranian fiscal year (to start March 21), President Hassan Rouhani told the national TV.

He said the plan is made thanks to Iran’s increasing revenues in the wake of the Joint Comprehensive Plan of Action (JCPOA). According to Rouhani, the country’s oil and gas condensates export improved from around 1 mbpd in January 2016 before the implementation of the JCPOA to 2.7 mbpd now.

The revival of the oil industry after the nuclear deal was a great job where about $1 billion was spent to increase crude output, he said.

The president noted that in the first nine months of the current Iranian fiscal year (since March 20, 2016) Iran’s non-oil export reached $31 billion, with a more than 9 percent improvement compared to a year earlier when Iran was still under sanctions.

In the current Iranian year also, Rouhani said, 17,000 small and mid-size industrial units used banking facilities to get back on their feet and improve their businesses.

He also said that during the past two years, his administration created 700,000 net job opportunities each year, a great improvement from 140,000 jobs per year during the two administration terms before he took office.