Opening of 120 projects spanning various sectors in 28 Iranian provinces

The Iranian Ministry of Defense and Armed Forces launched the ceremony and operational commencement of 120 projects across 28 Iranian provinces on Tuesday.

The projects encompassed the defense, oil, gas, petrochemicals, housing, energy, iron, and food security sectors.

The Iranian News Agency (IRNA) reported that these projects were inaugurated in the presence of Iranian President Masoud Pezeshkian. The defense and military projects alone numbered 55, with a capital exceeding 222 thousand billion rials and the participation of nearly 9,000 private and knowledge-based companies.

The agency added that the non-defense projects included 10 projects in the water and electricity sector, 7 projects related to the oil and gas sector, 4 projects in the minerals and industries sector, and 32 projects in the food and pharmaceutical industries. Additionally, there was a housing project comprising 600 units for security forces and over 10,000 other residential units. The total investments for these non-defense projects surpassed 400 thousand billion rials.

The government clarified that a significant portion of these projects was financed through citizen investment in the capital market, banking facilities, and investments by armed forces personnel, with a focus on decentralization and considering the comparative advantages of each region. It is anticipated that these projects will annually contribute to saving approximately 1.2 billion euros in foreign currency and play a significant role in securing foreign exchange and enhancing non-oil exports.