21 April 2011
The International Islamic Trade Finance Corporation (ITFC) an affiliate of the Islamic Development Bank (IsDB) has agreed to lend to two Iranian companies.
Behrouz Alishiri said Behshahr Industrial Development Company and Barez Tire and Rubber Manufacturing Company would each receive $35 million in loans, IRNA reported.
Pointing to desire of domestic firms in the banking facilities offered by IsDB, he said those interested can visit information dissemination site of the Organization for Investment, Economic & Technical Assistance at www.investiniran.ir.
Iranian companies can submit their proposals to the organization for importing raw materials, spare parts and machineries.
IFTC promotes trade to help improve the economic situation and livelihoods of people across the Islamic world and Iran is the second major shareholder of the bank.
IsDB is a multilateral development financing institution based in Jeddah. It was founded by the first conference of Finance Ministers of the Organization of the Islamic Conference (OIC), in December 1973.
The bank officially began its activities in October 1975. There are 54 shareholding states.
The functions of the bank include participating in equity capital and grant loans for productive projects and enterprises besides providing financial assistance to member countries in other forms for economic and social development.
The bank tries to foster economic development and social progress of member countries and Muslim communities in non-member countries individually as well as jointly in accordance with the principles of Shari'ah or Islamic jurisprudence.
Adhering to Islamic principles forbidding usury, the bank provides interest-free loans primarily for infrastructural projects with socio-economic benefits.
The International Islamic Trade Finance Corporation (ITFC) an affiliate of the Islamic Development Bank (IsDB) has agreed to lend to two Iranian companies.
Behrouz Alishiri said Behshahr Industrial Development Company and Barez Tire and Rubber Manufacturing Company would each receive $35 million in loans, IRNA reported.
Pointing to desire of domestic firms in the banking facilities offered by IsDB, he said those interested can visit information dissemination site of the Organization for Investment, Economic & Technical Assistance at www.investiniran.ir.
Iranian companies can submit their proposals to the organization for importing raw materials, spare parts and machineries.
IFTC promotes trade to help improve the economic situation and livelihoods of people across the Islamic world and Iran is the second major shareholder of the bank.
IsDB is a multilateral development financing institution based in Jeddah. It was founded by the first conference of Finance Ministers of the Organization of the Islamic Conference (OIC), in December 1973.
The bank officially began its activities in October 1975. There are 54 shareholding states.
The functions of the bank include participating in equity capital and grant loans for productive projects and enterprises besides providing financial assistance to member countries in other forms for economic and social development.
The bank tries to foster economic development and social progress of member countries and Muslim communities in non-member countries individually as well as jointly in accordance with the principles of Shari'ah or Islamic jurisprudence.
Adhering to Islamic principles forbidding usury, the bank provides interest-free loans primarily for infrastructural projects with socio-economic benefits.
© Iran Daily 2011
