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Within the frame work of IDA's continuous and effective efforts to reinforce the industrial development and facilitate the procedures, IDA decided to put off the payment of the land premiums allocated in the new cities industrial zones for one year without any additional financial burdens to overcome the decrease in the industrial growth rates as a consequence of the world economic crisis.
IDA Chairman stated that IDA employees and investors who have lands in the new cities got the approval to postpone the payment of 75% of IDA's interests and premiums value in the period from 1/11/2008 to 31/12/2009 on a condition of paying them as a last premium after 12 months from the termination date of the payment period. Besides, adding revenue equal to the rate of interest announced by the Central Bank at the time of paying the delayed premiums. In addition, IDA will exempt the delayed interests' value within the delay period from any additional financial burdens provided that 25% of the premiums and interests value are paid in their due time. In order to benefit from these facilities, the investors and such shall abide by the time schedules of implementing the projects on these lands. Moreover, the land prices shall be paid totally to IDA by 31/10/2008 or to be paid immediately by the end of February 2009, knowing that, in case of violating any of these obligations, the above mentioned facilities will be cancelled.
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