Azerbaijan, Baku, Apr.13/ Trend G.Mehdi/
The Islamic Development Bank has approved a €120 million loan for Iran to implement a power supply project in the central province of Isfahan, ISNA reported.
The loan has been paid according to a deal for a period of three years, he said, adding that the loan will be repaid over a period of 9 years.
The project is estimated to cost €130.57, of which €120 million will be secured by the IDB, he noted.
In line with its overall objectives of fostering economic development and social progress, the Bank finances productive projects and programs in both public and private sectors in member countries. It invests in economic and social infrastructure projects, provides technical assistance to member countries and assists in the promotion of foreign trade, especially capital goods. The Bank also assists Muslim communities in non-member countries and undertakes shari'ah-based research studies in Islamic economics and banking through special funds established for this purpose.