Jan 29 2012 |
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IDB will invest in development projects
The Islamic Development Bank (IDB) will invest in the construction projects, said the bank's representative in Iran.Speaking in a ceremony to sign an agreement between the bank and Hormuzgan Regional Water Company on Saturday, Ali Fallahi said the investment, which amount to $3 billion, will be made in the next three years, IRNA reported.
He noted that based on earlier plans, his bank is to invest $650 million in four basic construction projects in the Islamic Republic of Iran in 2012.
Managing director of Hormuzgan Regional Water Company, Jaafar Zir-Rahi, said the financial aid which is to be provided by IDB will accelerate the completion of development projects in his province.
According to the agreement, IDB will allocate €87 million for building a dam in the southern city of Minab.
The Islamic Development Bank ( IsDB ) is a multilateral development financing institution located in Jeddah, Saudi Arabia.
The bank officially began its activities on October 20, 1975. There are 56 shareholding member states.
On the basis of paid-up capital, the main shareholders of the bank are from Saudi Arabia, Libya, Iran, Egypt, Kuwait, Turkey, Qatar and UAE.
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