IDB allots $150m to Iran’s development plans

June 3, 2009

ASHGABAT – The Islamic Development Bank (IDB) has earmarked $150 million for five of Iran’s development projects, IRNA quoted deputy finance and economic affairs minister as saying on Tuesday.

Hamid Purmohammadi said that in the 4th annual meeting of the board of governors of the IDB, the bank approved to allocate $60 million for the construction of Kahir Dam in Sistan Balouchestan Province of Iran, and $60 million to four more development projects related to tire manufacturing and lead and zinc mines in the country.
The 34th annual meeting of the board of governors of the Islamic Development Bank kicked off on Monday in Ashgabat.
The Islamic Development Bank is an international financial institution established in pursuance of the Declaration of Intent issued by the Conference of Finance Ministers of Muslim Countries held in Jeddah in December 1973.
The purpose of the Bank is to foster the economic development and social progress of member countries and Muslim communities individually, as well as jointly, in accordance with the principles of Islamic Law.
IDB currently consists of 56 member countries