IDB grants $17.6 million loan to Iranian auto manufacturer
The Saudi-based Islamic Development Bank (IDB) has granted a 15 million euro ($17.63 million) loan to the Iran’s Niroo Moharrekeh Industrial Group. The Group plans to use the credit to finance the purchase and import of raw materials and spare-parts from IDB member states or other Islamic countries, enjoying low interest rates, reported IRNA.
The IDB loan would be granted to the company under the Import Trade Finance Operation (ITFO) credit line. The Iranian company manufactures motorcycles and Peugeot cars.
Other Iranian enterprises who have enjoyed in the past IDB loans under the ITFO credit line include Zamzam Soft Drinks Company, Paksan Detergents and Cosmetics Company and Behnoush Soft Drinks Company.
IDB, which was established by Articles of Agreement in October 1975, is a multilateral financial institution of the Muslim world. The purpose of IDB is to foster the economic development and social progress of member countries and Muslim communities, individually as well as jointly, in accordance with the principles of the Shariah, the Islamic law.
The present membership of IDB consists of 54 countries. IDB is headquartered in Jeddah, Saudi Arabia, with regional offices in Rabat, Morocco, Kuala Lumpur, Malaysia and Almaty in Kazakhstan. — (menareport.com)
© 2003 Mena Report (www.menareport.com)