The Islamic development bank approved giving $65 million worth of loans to the Iranian companies.
The International Islamic Trade Finance Corporation (ITFC), an autonomous entity within the Islamic Development Bank (IDB), has allocated $65 million to Iranian companies.
ITFC plans to give $35 million, $20 million, and $10 million worth of loans to the Mobarakeh Steel Company, Bank Saderat Iran, and FARDA Oil company, respectively.
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.