IDB approves loan worth $154 mn to Iran for energy project

Azerbaijan, Baku, April 4 / Trend A. Taghiyeva / The Board of Executive Directors of the Islamic Development Bank (IDB) has approved a loan to Iran worth $ 154 million to implement an electricity transportation and distribution project, the bank said today. The project involves the construction of five power plants in the provinces of Isfahan and Chahar Mahal Bakhtiari to meet the population's growing needs of electricity in these provinces. The report stressed that the total capacity of power plants will hit 5.5 megawatts. Besides Iran, the IDB Council has approved a loan to Bangladesh worth $ 85 million to implement the project of modernizing four power plants in the country. The total amount of funds approved by the IDB Board of Executive Directors for seven countries - Iran, Bangladesh, Indonesia, Uganda, Morocco, the Maldives and Mozambique, hit $ 597 million. The Islamic Development Bank was established in 1975. The bank's authorized capital increased by 15 times - from 2 billion Islamic dinars to 30 billion Islamic Dinars since its establishment. Do you have any feedback? Contact our journalist at agency@trend.az