IsDB to Offer €700 Million Credit to Iran
TEHRAN (Tasnim) – The Islamic Development Bank (IsDB) is offering Iran a credit line worth €700 million following the negotiations made and reimbursement of arrears of the Iranian government at the bank.
Despite Iran’s shareholding, the Islamic Development Bank had refrained from paying loans to Iran in recent years.
However, the Iranian government managed to negotiate and attract the attention of the officials of the Islamic Development Bank to pay its arrears and receive a loan worth €700 million.
The Islamic Development Bank has considered a €700 million credit for the Islamic Republic of Iran and payment of its previous arrears, a senior aide to Iran’s minister of economy stated.
He further revealed the establishment of a BRICS financial institution which is equivalent to the World Bank.
Fazel Moridi said Iran will soon be a shareholder of the Multilateral Development Bank (MDB).
A multilateral development bank (MDB) is an international financial institution chartered by two or more countries to encourage economic development.