Tehran Municipality and bank managers have reach an initial agreement for issuing participation bonds worth a total of 1,300 billion rials for financing the construction of the city’s Subway System.
Addressing the meeting, Tehran Mayor Mohammad Ali Afshani said,” We all live in Tehran and we are aware of the traffic problems and pollution. We should be concerned about the comfort of the people of Tehran.
“Last year, schools in Tehran were shut down for 22 days due to air pollution, and these unfavorable conditions inflicted great damage to the students' educational situation. For this reason, we must solve the problem of transportation and pollution of Tehran city as soon as possible.”
At the end of the meeting, the directors of the banks agreed to form a consortium and issue bonds worth 1,300 billion rials.