The managing director of the Khoy Cement factory announced here on Sunday that the factory is 85 per cent complete and will go on-stream in the current Iranian calendar year (ending March 20) if the financing of the project is on time.

Ali-Asghar Nabizadeh said that IRR200bn (some US$21.5m) worth of financial facilities has been earmarked for the project, noting that more than IRR500bn (about US$53.9m) has been spent for the factory construction so far.

 “Once the factory comes on stream, some 500 job opportunity will be generated,” the official added, noting that the factory has the capacity of producing 1Mta of cement.
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