Iran to boost share in International Bank for Reconstruction and Development

TEHRAN,Dec.14(MNA)--The Iranian parliament approved a bill for increasing the country’s share in the International Bank for Reconstruction and Development. According to the bill, the administration is allowed to pay $78.051 million from 2012 till 2016 to the bank in order to maintain Iran’s status among the member states. The International Bank for Reconstruction and Development (IBRD) is one of five institutions that compose the World Bank Group. Its mission has expanded to fight poverty by means of financing states. It came into existence on December 27, 1945 following international ratification of the agreements reached at the United Nations Monetary and Financial Conference of July 1 to July 22, 1944