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...
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