Iranian President Ebrahim Raisi visiting the housing project for shelter residents of Moradabad. (Iranian presidency)

October 18, 2021

Iran’s Revolutionary Guards will take a share of an ambitious housing construction project promised by the government, that could cost billions of dollars.

General Gholamreza Soleimani, the commander of the Basij, a paramilitary wing of the Islamic Revolution Guard Corps (IRGC) said Sunday that his organization will construct 100,000 residential units. President Ebrahim Raisi (Raeesi) has promised to build one million units a year during his four-year term, a huge project that would need billions of dollars a year, although the government has not presented a budget or a clear plan.

Soleimani did not mention how much the Basij would charge the government for the project. The IRGC is the largest economic force in the country, having dozens of companies in all sectors. Its business involvement has been a controversial issue among Iranians.

Iran’s government faces a deficit equal to 35-50 percent of its overall budget, as US sanctions have cut off most of its oil export revenues. It also has to cope with a falling currency and near 50 percent annual inflation.

A previous housing project during the presidency of Mahmoud Ahmadinejad was never completed although it was carried out during high oil prices and up to $100 annual oil exports.

Iran International

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Track PersiaTrack Persia is a Platform run by dedicated analysts who spend much of their time researching the Middle East, in due process we fall upon many indications of growing expansionary ambitions on the part of Iran in the MENA region and the wider Islamic world. These ambitions commonly increase tensions and undermine stability.