Baku, Azerbaijan, Nov. 23
By Umid Niayesh - Trend:
The Islamic Development Bank (IDB) allocated a 200 million euro loan for rural wastewater projects in Iran, deputy head of the National Water and Wastewater Company, Ali Asghar Ghane said.
The IDB loans are one of the main financial sources for water and wastewater projects in Iran, Ghane said, the Islamic Republic's Fars news agency reported Nov. 23.
He added that Iran needs $7 billion (based on official rate of 26,800 rials per each USD) in total to implement its wastewater projects, meanwhile annually only $560 million of assets is allocated for the mentioned projects.
The IDB paid more than three billion euros to Iran for implementing its projects so far, of which 70 percent were spent on dam building, water and wastewater projects of the energy ministry.
The IDB is a multilateral development financing institution which was founded in 1973 by the Finance Ministers at the first Organization of the Islamic Conference (now called the Organization of Islamic Cooperation).
There are 56 shareholding member-states. Iran holds some 9.32 percent of the bank's share.
The purpose of the bank is to foster the economic development and social progress of member- states and Muslim communities both individually and jointly in accordance with the principles of Shariah i.e., Islamic Law.