403
Sorry!!
Error! We're sorry, but the page you were looking for doesn't exist.
Iran reaffirms commitment to fulfilling obligations to Islamic Development Bank
(MENAFN) Iran’s Minister of Economic Affairs and Finance, Abdolnasser Hemmati, reaffirmed the country’s commitment to fulfilling its obligations to the Islamic Development Bank (IDB) during a meeting with the bank’s president, Suleiman Al-Jasser, on Monday in Riyadh. Hemmati, who is in Saudi Arabia to attend the 28th World Investment Summit, expressed Iran’s expectation for the IDB to play a more significant role in financing Iran’s developmental projects. He emphasized that the Islamic Republic is determined to meet its responsibilities towards the institution.
The Islamic Development Bank, based in Jeddah, is a multilateral financial institution dedicated to fostering infrastructure development through Islamic finance. It has 57 member countries, including Iran. Hemmati's statements align with earlier proposals made by Iran’s former Economy Minister, Ehsan Khandouzi, who suggested the creation of a new financing mechanism within the IDB using a preferential rate for member countries. This proposal was first presented during the 50th annual IDB meeting in Riyadh in April.
Khandouzi’s initiative to establish a preferential financing window was endorsed by the IDB members, and it aims to facilitate financing for countries in need of assistance for crucial development projects. The plan intends for the financial burden of such preferential arrangements to be borne by member countries with strong macroeconomic performance. This new window would be the first of its kind within the IDB, offering special assistance to priority projects.
The Islamic Development Bank frequently uses preferential financing to support specific projects that require unique financial terms, and Iran’s proposal aims to expand such methods within the IDB’s framework. This development marks a significant step in Iran’s push to strengthen its financial cooperation with the IDB, particularly in light of the economic challenges it faces.
The Islamic Development Bank, based in Jeddah, is a multilateral financial institution dedicated to fostering infrastructure development through Islamic finance. It has 57 member countries, including Iran. Hemmati's statements align with earlier proposals made by Iran’s former Economy Minister, Ehsan Khandouzi, who suggested the creation of a new financing mechanism within the IDB using a preferential rate for member countries. This proposal was first presented during the 50th annual IDB meeting in Riyadh in April.
Khandouzi’s initiative to establish a preferential financing window was endorsed by the IDB members, and it aims to facilitate financing for countries in need of assistance for crucial development projects. The plan intends for the financial burden of such preferential arrangements to be borne by member countries with strong macroeconomic performance. This new window would be the first of its kind within the IDB, offering special assistance to priority projects.
The Islamic Development Bank frequently uses preferential financing to support specific projects that require unique financial terms, and Iran’s proposal aims to expand such methods within the IDB’s framework. This development marks a significant step in Iran’s push to strengthen its financial cooperation with the IDB, particularly in light of the economic challenges it faces.
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept
any responsibility or liability for the accuracy, content, images,
videos, licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright
issues related to this article, kindly contact the provider above.
Most popular stories
Market Research
More Story
Comments
No comment