IDB plans $90m loan for Iran's mining project
August 31, 2009
TEHRAN -- The Islamic Development Bank (IDB) plans to offer a $90 million loan to Iran for the development of Khomroud coal mine in Kerman province, the Islamic Republic of Iran News Network reported on Sunday.According to the Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO), IDB officials will travel to the country in December to finalize the plan.
In case of final approval, $30 million will be given to IMIDRO annually for three years, accounting for 70 percent of the total required investment.
Domestic investors will finance the other 30 percent.
The Khomroud mine development plan is aimed at providing regional coal washing and coke producing factories with needed raw materials.
The project will create over one thousand job opportunities directly and some 4,000 indirectly.
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