IDB grants Iranian companies $110m facilities
January 9, 2011
TEHRAN – The director of the Organization for Investment, Economic and Technical Assistance of Iran (OIETAI) said the Islamic Development Bank has agreed to pay Iranian firms $110 million in financial facilities.The Mehr News Agency quoted Behrouz Alishiri as saying the International Islamic Trade Finance Corporation (ITFC) as an autonomous entity within the Islamic Development Bank Group has allocated $50 million to an Iranian company to import raw material.
The deputy minister of economic affairs and finance added that ITFC has agreed to grant $60 million dollars as loans for importing raw material to two other Iranian firms as well.
ITFC has been established by IDB to facilitate international trade among Islamic states by financing and expanding business.
ITFC was formed to consolidate the trade finance business that was formerly undertaken by various departments of the IDB.
As a leader in Shari’ah-compliant trade finance, the bank deploys its expertise and funds to businesses and governments in member countries of the OIC.
Iran is presently the bank’s second biggest shareholder