Iran Allocates $300 Million to Strengthen Its Missile Potential

The Iranian authorities have allocated about $300 million to develop the country’s missile program to counter "threats from enemies," Mehr agency reported, citing the chairman of the Committee on National Security and Foreign Policy, Alaeddin Boroujerdi.

“Considering the fact that the US and its allies in the region support groups like the Islamic State [Daesh] and al-Nusra Front, it is necessary to develop the country's missile program, as it is the only means of countering threats from the enemies,” Boroujerdi said.

It is reported that Boroujerdi stressed that the funds were allocated to respond to US activity in the region.

“About 300 million dollars were allocated for the development of the Iranian missile program. The same amount was allocated to support the Quds Special Unit of the Islamic Revolutionary Guard Corps [IRGC]; without them, the terrorists will rule in Damascus and Baghdad," the agency quoted Boroujerdi as saying.

In May, the US Department of State announced that it would impose sanctions on Iranian defense officials over the United States’ concern with "Iran’s continued development of ballistic missiles, which is inconsistent with United Nations Security Council Resolution 2231."

The previous round of sanctions against the Iranian ballistic missile program was imposed by the United States in early February, targeting 13 people and 12 companies, including groups in China, Lebanon and the United Arab Emirates.

The wider economic and financial sanctions which are connected to Iran's activities in the nuclear field were lifted by the United States in January 2016 after the Joint Comprehensive Plan of Action (JCPOA) came into force. The agreement between Iran and the P5+1 countries (China, France, Russia, the United Kingdom, United States and Germany) is aimed at preventing nuclear weapons development by Tehran.