16 September 2004
Tehran -- Islamic Development Bank (IDB) approved Wednesday dlrs 40 million of credit for Iran`s SAIPA car manufacturing company.
The agreement to grant a 40 million dollar loan to SAIPA was signed by the company`s Managing Director Ahmad Qalehbani and Head of IDB Ahmad Mohammad-Ali here during the 29th annual conference of IDB, said a report released by SAIPA press headquarters at the site of the conference.
The Islamic Development Bank, based on the agreement, is scheduled to gram the loan to SAIPA and SAIPA-DIESEL to import auto parts for trucks and vehicles, according to the report.
After signing the agreement, Qalehbani said that IDB has agreed to grant the loan to SAIPA after assessing as positive the performance of the company in recent years.
The 29th annual conference of IDB was held in Tehran on 14 and 15 September, attended by 68 Islamic banks from 23 countries.
The bank was established in 1975 with the aim of assisting Islamic countries` economic and social development plans and after 29 years it has 55 member countries from Asia, Africa, Europe and South America.
The bank whose function is based on Islamic banking rules and procedures has approved more than dlrs 23 billion in credit to its members since its inception.
The IDB`s capital is equal to 15 billion Islamic Dinar which is equivalent to dlrs 1.32 in Special Drawing Rights at the IMF. The conference was attended by representatives from Sudan, Yemen, Bahrain, Qatar, Kuwait, Saudi Arabia, Iran, UAE, South Africa, Azerbaijan, Turkey, Tunisia, Malaysia, Indonesia, Mauritania, Algeria, Russia, Lebanon, Bosnia and Herzegovina and Bangladesh.
Tehran -- Islamic Development Bank (IDB) approved Wednesday dlrs 40 million of credit for Iran`s SAIPA car manufacturing company.
The agreement to grant a 40 million dollar loan to SAIPA was signed by the company`s Managing Director Ahmad Qalehbani and Head of IDB Ahmad Mohammad-Ali here during the 29th annual conference of IDB, said a report released by SAIPA press headquarters at the site of the conference.
The Islamic Development Bank, based on the agreement, is scheduled to gram the loan to SAIPA and SAIPA-DIESEL to import auto parts for trucks and vehicles, according to the report.
After signing the agreement, Qalehbani said that IDB has agreed to grant the loan to SAIPA after assessing as positive the performance of the company in recent years.
The 29th annual conference of IDB was held in Tehran on 14 and 15 September, attended by 68 Islamic banks from 23 countries.
The bank was established in 1975 with the aim of assisting Islamic countries` economic and social development plans and after 29 years it has 55 member countries from Asia, Africa, Europe and South America.
The bank whose function is based on Islamic banking rules and procedures has approved more than dlrs 23 billion in credit to its members since its inception.
The IDB`s capital is equal to 15 billion Islamic Dinar which is equivalent to dlrs 1.32 in Special Drawing Rights at the IMF. The conference was attended by representatives from Sudan, Yemen, Bahrain, Qatar, Kuwait, Saudi Arabia, Iran, UAE, South Africa, Azerbaijan, Turkey, Tunisia, Malaysia, Indonesia, Mauritania, Algeria, Russia, Lebanon, Bosnia and Herzegovina and Bangladesh.
© IRNA 2004
