Iran and Malaysia have launched a project to build tens of thousands of homes in new towns outside Tehran, to help it cope with booming population growth. It is the first foreign investment of its kind in Iran.Malaysian company Amona will invest at least $500m to build 20 000 houses in the two new towns of Parand and Hashtgerd.
Iranian Minister of Housing and Urban Development Mohammad Saidi-Kia told reporters, "Iran's share in the whole project stands at 15% and the rest goes to the Malaysian partner."
Parand, is 45 kilometres (28 miles) southwest of Tehran, and will be the largest of the towns eventually housing half a million people.
