Iran to Issue $525mln Worth of Participation Bonds

TEHRAN (FNA)- $525mln worth of participation bonds for power sector plans will be issued in September, Iran Power Development Company’s managing director said here on Friday.

“The Ministry of Energy has negotiated with the Central Bank and Saderat Bank and has received necessary permits from the cabinet of ministers for issuing the bonds,” Mohammad Behzad explained to MNA.

“The cabinet has authorized Iran Power Development Company to issue $525mln worth of participation bonds,” he said, adding the same sum will be paid as banking facilities to Iran Power Development Company.

“The Central Bank has requested for raising the interest rate of these participation bonds in comparison to the previous year’s rate,” he stated