Bank allocates three million euros for water project in Iran

Baku, Azerbaijan, July 26

By Umid Niayesh - Trend:

The Islamic Development Bank (IDB) allocated a 2.92 million euro loan for a water project in Iran's north-eastern Golestan Province.

Iran's economy council has approved the loan and the implementation of the project will start after the energy ministry's approval, managing director of the province's Water Company, Iraj Heidarian said, the country's official IRNA news agency reported on July 26.

Commenting on the issue, Heidarian said that the project includes completing Negarestan dam and constructing water channels to transfer water from a dam to 29,000 hectares of agricultural lands.

The IDB has paid more than three billion euros to Iran for implementing its projects so far, of which 70 percent were spent on dam building, water and wastewater projects of the energy ministry.

The Islamic Development Bank is a multilateral development financing institution which was founded in 1973 by the Finance Ministers at the first Organisation of the Islamic Conference (now called the Organisation of Islamic Cooperation).

There are 56 shareholding member-states. Iran holds some 9.32 percent of the bank's share.

The purpose of the bank is to foster the economic development and social progress of member- countries and Muslim communities both individually and jointly in accordance with the principles of Shariah i.e., Islamic Law.