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Wed 30 May 2007 01:04 PM

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Iran attracts $3.2bn funding for new cities

Iran's private sector is helping to fund fourteen new settlements in the country.

Iran's private sector is committing over 30 trillion rials ($3.23 billion) to develop 14 new cities in the country, according to an Iran Daily report today.

The country's New Cities Development Company - affiliated to the Housing and Urban Development Ministry - has also invested five trillion rials ($570.8 million) in developing the cities, the development company's managing director, Mahmoud Mirian, said.

The cities are set to have a population of more than 500,000, the official told the Islamic Republic News Agency (IRNA).

Efforts are already underway to settle people in four new cities, Iran Daily said. The move aims to rearrange population distribution patterns in urban and suburban areas.

The new cities will be home to an estimated four million people by 2021.

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