The number of countries sending Iran’s most recent $20 billion cash injection to the country has risen to six, as Iran seeks to rebuild its economy and fend off sanctions imposed by the United States.
The latest infusion, which is expected to bring Iran’s total to $100 billion by 2019, was delivered by the Central Bank of Iran, the central bank announced on Tuesday.
The cash infusion was delivered in two packages: $20.7 billion worth of bonds, $1.6 billion of short-term bonds, and $5.3 billion in short- term fixed-rate debt, the Centralbank said in a statement.
Iranian government officials said the money would be used to invest in infrastructure projects and increase the country’s exports, as well as for the purchase of agricultural products.
Iran’s Central Bank, which oversees Iran’s currency and reserves, has announced the issuance of $200 billion of new short- and medium-term loans this year.
The country also plans to issue a $1 billion debt to the International Monetary Fund and $200 million for the creation of a new economic development bank, the officials said.
Iran, which has been in a prolonged economic recession, has been cutting the number of its foreign currency reserves to around $20 trillion from about $25 trillion.
The Central Bank has been the main source of funding for Iran’s hard-line government and has been under increasing pressure from the West.
In November, Iran cut $500 million from its foreign exchange reserves as a result of sanctions, while the country cut its foreign reserves by $20 million in February.
The cut was announced at the time after the U.S. imposed sanctions against Iran in response to Tehran’s ballistic missile test in December.