30% of IRMF Revenues Spent on Poverty Alleviation

EghtesadOnline: Thirty percent of revenues earned by companies affiliated to the Islamic Revolution Mostazafan Foundation are allocated to poverty alleviation programs.

News ID: ۷۷۳۶۶۵

02 February 2017

This was announced by Mousa Barzegari, managing director of Alavi Foundation, an IRMF subsidiary charged with poverty eradication programs.

Alavi Foundation’s activities include supporting the have-nots by helping them find employment and providing them with social housing, IRNA reported.

According to the head of the foundation, Mohammad Saeedikia, IRMF accounts for 1.5% of Iran’s gross domestic product, according to Financial Tribune.

“The foundation’s revenues stood at 169 trillion rials ($4.22 billion) in the eight months of the current Iranian year (started March 20, 2016), about 8% more than last year’s similar period,” he was recently quoted as saying.

Saeedikia put the total value of IRMF projects at 160 trillion rials ($4 billion) and said plans are afoot to increase the figure to 250 trillion rials ($6.25 billion) in the next three years.

The Islamic Revolution Mostazafan Foundation, established in 1979 to serve “the oppressed and disabled”, has now grown to become one of the largest conglomerates in Iran.