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Islamic Development Bank to offer €700m credit to Iran
Despite Iran’s shareholding, the Islamic Development Bank had refrained from paying loans to Iran in recent years, as reported by Tasnim News Agency.
However, the Iranian government managed to negotiate and attract the attention of the IsDB’s officials to pay its arrears and receive a loan worth €700 million.
A senior aide to Iran’s minister of economy also announced the establishment of a BRICS financial institution which is similar to the World Bank. Fazel Moridi said Iran will soon be a shareholder of the Multilateral Development Bank (MDB), an international financial institution chartered by two or more countries to encourage economic development.