The Iranian government on Wednesday approved a plan to cede shares of state-owned companies to the poor people, the official IRNA news agency reported.

The newly approved bylaw stated that the government would cede state-owned companies' stocks to the poor strata of the society and pay off the cost of the shares under a 20-year installment, the report said.

It added that the Ministry of Economic Affairs and Finance was assigned to draw up practical procedure for the ceding, while the Ministry of Welfare and Social Security would be responsible for identifying the beneficiaries in two months.

According to official statistics, nearly 15 percent of the Iranians live under the poverty line, but some unofficial estimates were fixed around 40 percent.

Iranian President Mahmoud Ahmadinejad promised during his election campaign to improve social welfare to provide a better life for the poor, which greatly contributed to his win.

Source: Xinhua