TEHRAN – Iran’s Transport and Urban Development Ministry has announced that the government has allocated 190 trillion rials (over $4.5 billion) for establishing a transport development fund, IRIB reported.

According to Transport and Urban Development Minister, Mohammad Eslami, “The establishment of the transport development fund has been envisioned by the country’s Sixth Five-Year National Development Plan (2016-2021) and 190 trillion rials was allocated in this regard.”

The minister noted that the fund’s statute has been approved by the cabinet, saying in the current Iranian calendar year’s budget bill 200 billion rials (nearly $4.76 million) has been allocated to this fund.

The official further stated that the government should benefit from the capacities and capabilities of his ministry in managing the transport development fund.

In the past two decades, Iran’s transportation infrastructure has gone through major transformation and every year the country is advancing more in this area.

Currently more than 80 percent of the country’s roads are paved and the government is also hugely planning on expanding and developing the country’s railway network.

Since the country have numerous neighbors with which it has close trade ties, the expansion of land export routes including railway and roads in the border regions of the country have become the Transport and Urban Development Ministry’s top priority in the transportation area.

EF/MA/MG