Tehran, February 8, The Iran Project – A senior official at Iranian Research Organization for Science & Technology says the Islamic Development Bank (IDB) will invest in 13 major Iranian scientific and technological projects in next five years.

Mahmoud Molanejhad, Deputy Chairman of Iranian Research Organization for Science & Technology made the remarks during a press conference on Monday, announcing that Islamic Development Bank will invest in 13 major scientific and technological projects in next five year.

He noted the bank's new approach to invest in the Muslim countries' technological projects, adding that the Iranian Research Organization for Science & Technology, as the bank's consultant in Iran, has been appointed to formulate the cooperation document.

He went on to say that the document was prepared and submitted and accordingly the bank will invest in Iran by 2020 based on the priorities defined in the document.

"The document has presented 13 major projects, introducing Iran's capacities in the scientific and technological fields," Molanejhad underlined, further explaining that proposed projects is also beneficial to the other Muslim countries and Iran's neighbors.

Production of renewable energies, bio drugs and the control of dust are parts of the proposed technological plans by Iran,  he mentioned elsewhere in his remarks.

Following the Declaration of Intent issued by the Conference of Finance Ministers of Muslim Countries held in Jeddah in December 1973, the Islamic Development Bank (IDB) was established as an international financial institution.