TEHRAN- Foreign direct investment (FDI) in Iran has risen 20 percent during the first seven months of the current Iranian calendar year (March 21-October 22) from the same period of time in the past year, Iranian Finance and Economic Affairs Minister Farhad Dejpasand announced on Monday.

The minister said the country has witnessed this rise in the FDI while there has been the tough condition of the sanctions, IRNA reported.

While the sanctions are targeting the country’s economy, the Ministry of Finance and Economic Affairs is seriously pursuing its plans to counter the sanction effects, Dejpasand highlighted.

As previously announced by the official, the foreign investment attracted into the country during the current year’s summer period (June 22-September 22) increased by 20 percent compared to the last year’s same period.

Dejpasand on Monday also elaborated on his ministry’s programs to nullify the sanctions through measures such as strengthening trade and exports and providing required funds for infrastructure and production projects specially through allocation of banking facilities.

He further mentioned reforming the banking system as one of his major programs since taking his post as the minister.

Last week the official announced that over 170 trillion rials (about $4.04 billion) worth of Iranian banks’ excess properties have been put for sale as part of a plan to reform the country’s banking sector.

Speaking in a ceremony for unveiling a website designed for this purpose, Dejpasand said the plan is a step toward liberalizing the banks' resources to provide facilities for the country’s productive sector and to create more jobs.

Mentioning the fact that the excess assets of the country’s banks are much more than what has currently been offered for sale, the official noted that in this phase only 170 trillion rials of such properties will be offered for sale.

“The mentioned assets could also be auctioned in collaboration with the stock exchange,” he said.

Some of the mentioned properties include 1,246 factory units and more than 277 livestock production units which investors can purchase or manage based on their expertise and experience.

According to the official, the proceeds from this plan will be injected into the banks again and the government won’t be the beneficiary in any case.

MA/MA