Iran Inaugurates 120 Defense, Civilian Projects

Iran has inaugurated 120 joint investment projects spanning defense, energy, housing, and food security sectors as the country celebrates the anniversary of the 1979 Islamic Revolution.

The projects were unveiled at a ceremony attended by President Masoud Pezeshkian on Tuesday and involved the Ministry of Defense and Armed Forces Logistics alongside private partners. They include 55 defense and military projects valued at more than IRR 2,220 trillion (US$1.42 billion), with participation of around 9,000 private and knowledge-based companies.

Non-defense projects include 10 in water and power, seven in oil and gas, four in mining and industry, 32 in food and pharmaceutical production, and housing schemes comprising a 600-unit project for armed forces personnel and more than 10,000 additional residential units. The combined value of the non-defense projects exceeds IRR 4,000 trillion (US$2.56 billion).

A significant share of the financing was raised through public investment via capital markets, bank loans, and investments by armed forces personnel, with an emphasis on decentralization and region-specific advantages.

Officials said the projects are expected to generate about 1.2 billion euros in annual foreign currency earnings, supporting hard-currency supply and boosting non-oil exports. - IRNA