Islamic Development Bank to invest in Iran

January 28, 2012 - 16:05 AMT

PanARMENIAN.Net - Islamic Development Bank officials have decided to make a $650 million investment in four basic construction projects in Islamic Republic in 2012, IDB's representative in Iran said on Jan 28.

According to Fars News Agency, representative of the IDB in Iran Ali Fallahi said the bank is going to make investments in Iran construction projects.

He said the investments which amount to $3bln will be made in the next three years.

In 2011, the IDB provided $123mln for water projects in Iran, Senegal and Yemen.

The funding included $84.3mln for the Rural Areas Wastewater Project in the northwest and southeast provinces of Iran.

In 2010, Iranian President Mahmoud Ahmadinejad lauded the Islamic Development Bank's support for the construction of Iran-Turkmenistan-Kazakhstan railway, and called on the bank to render more financial back-up to joint projects in Islamic states.

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