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Iran has attracted $10.6bn of foreign investment since Aug 2021: Official

The file photo shows Ali Fekri, who serves as head of the Organization for Investment & Economic and Technical Assistance of Iran.

An Iranian official says the country has attracted more than $10 billion of foreign investment since August 2021 when the administration of President Ebrahim Raeisi came to office.

Ali Fekri, who leads the Organization for Investment & Economic and Technical Assistance of Iran, said on Tuesday that foreign investors had committed to a total of $10.608 billion worth of projects in Iran since 2021.

Fekri said Russian investors got the lion's share of foreign investment approved for Iranian projects over the period with some $2.7 billion worth of investment.

Investors from China, the United Arab Emirates and Iranian investors living abroad came second to fourth in the ranking of largest foreign entities investing in Iran over the past two years, he said.

The official added that the value of projects controlled by Chinese investors in Iran had increased from $200 million last year to around $2 billion this year.

Fekri said that Iran had used some $300 million worth of its funds that were recently released from US sanctions in Iraq to pay for arrears owed to the Islamic Development Bank so that the lender can commit to new development projects in Iran.

Iran’s growing success in attracting foreign investment comes despite the fact that the country is still subject to a regime of US sanctions which effectively bars it from the dollar-based international banking system.

However, investors are using alternative banking systems or barter schemes to contribute to investment projects in Iran and to benefit from incentives and privileges offered by the Iranian government in this regard.  

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