SHIRAZ, March 7 (MNA) -- Iran inaugurated 170 industrial and mining projects in the southern province of Fars on Monday.

The projects were completed at a cost of over 5 trillion rials (about $484 million) and will create over 3,700 job opportunities.

President Mahmoud Ahmadinejad attended the inauguration ceremony for the projects, which was held in Shiraz, the capital of Fars Province, Islamic Republic of Iran Broadcasting reported.

Construction, chemical production, food industry, textile manufacturing, electricity generation, car manufacturing, and packaging industry projects were some of the projects that came on stream.

President Ahmadinejad also inaugurated the second Industry and Mine Festival at the ceremony.

The one-day festival was organized to display the industrial and mining potential of the country.

Two thirds of the National Development Fund’s credits will be allocated to the industrial and agricultural sectors, the president said.

It is projected that the National Development Fund’s reserves will reach $30 billion by the end of the next Iranian calendar year (March 20, 2012), he added.

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MNA

News Code 45050

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