Islamic Development Bank approves loan for Iran automobile company
The Islamic Development Bank (IDB) approved a loan of 100 million euros to help finance the development of the factories of Iran's Khodro Company, one of the biggest automobile companies in Iran and the Middle East.
A statement issued in Iran Monday by the Iranian Ministry of Economy and Finance said the IDB approved a loan of 60 million euros directly to Iran's Khodro motor manufacturing company to develop its projects to double production of Peugeot 206 and to set up two factories for cars production of Samand Company in Egypt and Syria with annual capacities of 20,000 and 15,000 cars respectively.
IDB will provide 40 million euros to cover the costs of the two factories.
Meanwhile, IDB signed in Tehran an agreement to offer a loan of 30 million Euros for Iranian Saha Company for manufacturing medical equipment.
An IDB delegation is expected to visit the Islamic republic this month to evaluate the financing of some parts of the project for building western Iran railways. (menareport.com)
© 2004 Mena Report (www.menareport.com)