POST Online Media Lite Edition


$14 billion credit line for Irans' Mehr Housing project secured

Staff Writer |
A credit line of 450 trillion rials ($14 billion) has been earmarked to complete the controversial Mehr Housing project, announced the head of Majlis Civil Affairs Commission.

Article continues below

Mohammad Reza Rezaei-Kouchi added that about 450 trillion rials have been considered to complete the Mehr Housing project and any use of this credit line for anything other than housing will be a clear violation that will be followed up, the official news website of the Iranian Parliament ICANA reported.

The project was launched by the previous administration of Mahmoud Ahmadinejad and has been in the works for years and President Hassan Rouhani's administration vowed to see it through. The Money and Credit Council last week approved to raise the mortgage limit pertaining to the housing project.

The ceiling for the loans was raised to 400 million rials ($10,000) from the previous 300 million rials ($7,600) in order to "accelerate the project's completion".

The increase in the loans' ceiling prompted a board member with the New Towns Development Company to announce the completion of a significant number of Mehr Housing residential units by the yearend.

What to read next

Foreign direct investment down 15% in Morocco
Foreign investment in Morocco up 15%
Savings account withdrawals in Brazil $46 billion