Parliament sets foreign investment ceiling at $30b
The Iranian Parliament approved on Saturday a ceiling of $30 billion for foreign investments in projects in the next fiscal year that will start on March 21.
The measure was ratified with 160 votes in favor, 25 against and five abstentions, out of the total 223 lawmakers present during the open session of the Parliament on Saturday, reported Fars News Agency.
Based on the measure, the ceiling for foreign investments in the next fiscal year for projects remaining from the previous year has been set at $30 billion. This is a decline of $20 billion from the limit set in last year’s budget bill.
The lawmakers also passed another measure in next year’s budget bill, which permits the government to obtain or secure financial and credit services or ex gratia payments up to $5 billion from foreign governments and financial institutions in accordance with the law.
The measure was ratified with 163 votes in favor, 29 against and six abstentions.
The MPS further allowed President Hassan Rouhani’s government to use foreign finance to fund railway projects in the next fiscal year.
Last Wednesday, the Parliament approved the general outlines of the proposed budget bill for the next fiscal year, after having rejected it on Sunday. Lawmakers are currently debating the details of the budget bill.