IDB affiliate approves €25m for Iranian firm
TEHRAN (MEHR - Trend )
The International Islamic Trade Finance Corporation (ITFC), an autonomous entity within the Islamic Development Bank (IDB), has allocated 25 million euros to Iran's Behshahr Industrial Development Corporation to import its required items.
ITFC's responsibility is to monitor market trends and work to reach the Islamic Development Bank's objectives through the introduction of specialized funds, the Mehr News Agency reported on Monday.
Through its trade finance operations, ITFC strives to raise the volume and value of intra-trade, contribute to market development, and increase export capabilities in the member countries.
In this respect, ITFC initiated and approved 70 trade finance operations with a total value exceeding $2.5 billion. Of this amount, $878 million, representing 35 percent of the total came from external mobilization of resources.
According to IRNA, the Islamic Development Bank (IDB) in June announced it has earmarked $150 million for five of Iran's development projects.
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.