TEHRAN (FNA)- Iranian Economy Minister Ali Tayyebnia said Tehran is eying to increase its capital reserves with the Islamic Development Bank (IDB) by four times from one billion Islamic Dinars at present to four billion Dinars in the near future.
“The plan was recently passed by the Government and is now being studied at the Parliament for a final approval,” said the Government economic spokesman who is paying a visit to Kazakhstan to attend the IDB’s high-level regional forum in Almaty.
He went on to refer to three billion dollars worth of financial facilities allocated to Iran by the IDB for economic projects, adding that the Bank had previously granted a 6-billion-dollar package to the Islamic Republic for its investment purposes.
High Level Group Regional Forum is held on 14-16 January, 2014, to make an assessment of the Group’s performance during the past four decades and also discuss future challenges and regional/global priorities and strategies for the next 10 years.
The 56-membered IDB is headquartered in Jeddah, Saudi Arabia, with four regional offices operating in Rabat, Kuala Lumpur, Almaty and Dakar. The Bank also has representatives in twelve member countries of Afghanistan, Azerbaijan, Bangladesh, Guinea Conakry, Indonesia, Iran, Nigeria, Pakistan, Sierra Leone, Sudan, Uzbekistan and Yemen.
Tayyebnia described the functions of the IDB Group as participating in equity capital and granting loans for productive projects and enterprises besides providing financial assistance to member countries in other forms for economic and social development.
The Bank, he added, is also required to establish and operate special and/or mutual funds for specific purposes, in addition to setting up trust funds. The Bank is authorised to accept deposits and mobilise financial resources through Shariah-compliant modes. It is also charged with the responsibility of assisting in the promotion of foreign trade especially in capital goods among member countries, providing technical assistance to member nations and extending training facilities for personnel engaged in development activities in Muslim countries to conform to the Shariah-compliant finance.
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