IDB approves €20m loan for Iran Railway Co.
August 30, 2009
TEHRAN -- The Islamic Development Bank (IDB) approved a 20- million-euro loan to the Islamic Republic of Iran Railway.The Mehr News Agency quoted the Islamic Republic of Iran Railways Procurement Department General Director Nourollah Beiranvand as saying that the money will be used for expanding rail transportation fleet, developing the related infrastructures, and accelerating the implementation of current projects.
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