IRAN IRAN | Overview

Official name: Islamic Republic of Iran

Capital: Tehran

Official languages: Persian

Monetary unit: Iranian Rial (IRR)

Population (million): 80.8

Total area (sq km): 1,648,195


Located at the strategic crossroads between the Western and Eastern worlds, Iran is bordered by Armenia, Azerbaijan, Turkmenistan and the Caspian Sea in the North, Afghanistan and Pakistan in the East, Iraq and Turkey in the West, and the Gulf of Oman, the Strait of Hormuz and the Persian Gulf in the South. Iran is an upper middle-income country and ranks second in the world in natural gas reserves and fourth in proven crude oil reserves.

The Iranian government has implemented a major reform of its indirect subsidy system on key staples such as petroleum products, water, electricity and bread, which has resulted in a moderate improvement in the efficiency of expenditures and economic activities. The Iranian authorities have also adopted a comprehensive strategy encompassing market-based reforms as reflected in the government’s 20-year vision document and Iran’s fifth Five-Year Development Plan. Going forward, practical improvements in international sanctions would ultimately increase the country’s export potential, raise the purchasing power of consumers, and support consumption and business investment through improved consumer and business confidence.

Year joined ICD:
Number of projects approved: 8
Gross Approval ($US million): 114.86
Gross Disbursement ($US million): 36.31