Investment   Transportation  

Transport Development Fund set up in Iran

Establishment of the Transport Development Fund of Iran as a state-run company was officially started by Iranian First Vice President Es’haq Jahangiri as the Ministry of Transport and Urban Development was notified with the statute of the company.

As reported by IRNA on Wednesday, the statute of the Transport Development Fund was ratified in a cabinet meeting on July 27 and the ministries of transport and urban development, and finance and economic affairs, as well as the Budget and Planning Organization were notified accordingly.

According to the fund’s charter, the Transport Development Fund is a state-owned corporation whose purpose is to finance and develop the country’s transport sector as well as the freight and passenger transport services sector.

The fund is also able to provide necessary facilities through representative banks for the private investors which are active in the transport areas.

The fund’s initial capital is set to be 190 trillion rials (over $4.5 billion) and its affiliated company is set to be in close coordination with the ministry of transport and urban development.

Earlier in June, Iran’s Transport Ministry had announced that the government has allocated $4.5 billion for establishing a transport development fund.

According to Transport and Urban Development Minister Mohammad Eslami, the establishment of the transport development fund was envisioned by the country’s Sixth Five-Year National Development Plan (2016-2021).

The minister had noted that in the current Iranian calendar year’s budget bill 200 billion rials (nearly $4.76 million) has been allocated to this fund.

In the past two decades, Iran’s transportation infrastructure has gone through major transformation and every year the country is advancing more in this area.

Currently more than 80 percent of the country’s roads are paved and the government is also hugely planning on expanding and developing the country’s railway network.

Since the country have numerous neighbors with which it has close trade ties, the expansion of land export routes including railway and roads in the border regions of the country have become the Transport and Urban Development Ministry’s top priority in the transportation area.

News No: 5679
Date: 2019/08/02 - 14:40
News Source: Tehran Times

Mohammad Eslami  Transport Ministry  capital  Transport Development Fund 


Leave a Comment:


CBI sees stable currency market after turbulent year

Governor of Central Bank of Iran (CBI) said the currency market is moving toward stability and predictability after a year of turmoil, IRNA reported.

TSE main index surpasses 261,000 points

Tehran Stock Exchange (TSE) main index (TEDPIX) gained 4,352 points on Wednesday to reach 261,441, IRIB reported.

Uzbekistan welcomes Iranian investment in its economy

Uzbekistan’s Prime Minister Abdulla Nigmatovich Aripov said his country welcomes Iranian investors and private sector’s contribution to its economy, Tasnim news agency reported on Monday.

Iran to resume building its longest cross-sea bridge

The Minister of Roads and Urban Development Mohammad Eslami said Iran plans to resume the construction of its longest cross-sea bridge, linking Qeshm Island in the Persian Gulf to Bandar Abbas.

Tajikistan eyes accessing open waters through Iran

Tajikistan's ambassador to Iran, Nizamuddin Zahedi, has called for using Iranian ports to access open waters in a meeting with Iranian Transport Minister Mohammad Eslami on Monday, the Iranian ministry’s portal announced.

Alcoa Sells Avilés And La Coruña Plants To Swiss Investment Firm PARTER

Pittsburgh aluminium pioneer Alcoa Corporation announced yesterday the sale of the Avilés and La Coruña plants in Spain to Swiss private equity investment group PARTER Capital Group AG for an undisclosed sum.
Upcoming Events
 Mines & Metals

Mine & Business Today

 Scrap & Recycling


Our partners