Islamic Development Bank (IDB) signed cooperation contracts with three Iranian banks and the related officials of the Mashhad railway line project.
The deputy minister of finance and economic affairs for banking, insurance and state companies Hamid Pour Mohammadi told IRNA that some other agreements are in the process of being finalized which will be signed by the IDB and the state economic institutions.
As per the agreement, a Murabaha (sale transaction) agreement with Mellat Bank worth 18 million euro, a Murabaha agreement with Keshavarzi (Agriculture) Bank worth 18 million euro, technical and engineering services to Mashhad railway line agreement and a Murabaha agreement with Export Development Bank of Iran worth 18.5 million euro have been signed.
Referring to the Islamic Solidarity Fund (ISF) and IDB, Pour Mohammadi said that the IDB was established 33 years ago for providing financial assistance to the Muslim world.
"Islamic Republic became the ISF member 18 years ago," he said, adding some 56 countries are members of ISF of which Iran's share is 9.3 percent.
He also emphasized that the ISF seek to eradicate poverty in the Muslim world.
The IDB conference started in Tehran on Saturday morning.
Officials of Iran's Ministry of Finance and Economic Affairs and Iran's Chamber of Commerce, Industries and Mines as well as representatives from IDB member states also took part in the event.
© IRNA 2008
