VOL. XL

No. 23

9-June-1997

IRAN

Iran Approves $7.5Bn State Certificates

The Iranian state has approved the issuance of state-guaranteedcertificates by various government bodies to the value of IR22.5tr ($7.5bn). Thecertificates, which are in essence bonds, are also known as "participationcertificates" or "partnership papers" as they are issued for specificprojects rather than for general government expenditure in which investors becomepart-owners and receive a provisional annual return (MEES, 2...