IDB allocates another loan to Iran

Business Materials 6 September 2013 14:09 (UTC +04:00)

Azerbaijan, Baku, Sept. 5 / Trend A. Taghiyeva /

The board of executive directors of the Islamic Development Bank (IDB) has approved a loan worth $190 million for Iran, the bank said today.

According to the report, the allocated loan will be directed towards projects to improve the sewerage system in Iran's six cities. Part of the loan will be also directed to irrigation projects in some provinces of the country.

Besides Iran, the IDB board allocated loans for Tunisia, Egypt, Burkina Faso and Lebanon. The IDB allocated $480 million for these countries for various projects in transport, energy and healthcare.

The Islamic Development Bank was established in 1975. The authorised capital of the bank has increased 15 times from two billion Islamic dinars to 30 billion Islamic Dinars since its establishment.