Azernews.Az

The Islamic Development Bank allocated $3 billon to Iran's economic projects, Minister of Economy and Finance Ali Tayyebnia said,Mehr News Agency reported.

Tayyebnia, who participated in the Islamic Development Bank's ministerial-level meeting in Jeddah, Sauid Arabia, on January 16, said Iran will spend the loan in "economic spheres".

He didn't give further detailed information about these spheres, but IDB has allocated loans to Iran in railway, water sources, environment, automotive and other sectors so far.

IDB takes part in common investments, allocates loans for producing and entrepreneurship sectors, as well as giving financial aid to member countries.

The IDM has allocated $6 bn for loans to Iran, as stated on the international organization's Internet website.

Iran holds 8.28 percent of IDB's shares and paid 1.491 billion Islamic dinar as its contribution to the capital of the Bank. The total amount of the IDB's capitals stands at 18 billion Islamic dinars.

A unit of account of IDB is equivalent to one Special Drawing Right (SDR) of the International Monetary Fund. Composition of the currencies in the SDR basket denominating in Islamic dinar are USD 44 percent, EUR 34 percent, GBP 11percent and JPY 11 percent.

The present membership of the Bank consists of 56 countries.

Tayyebnia said that Iranian government decided to increase its share in IDB to 4 billion Islamic dinars. Iran Parliament is discussing ratification of the bill.

The latest annual report published by IDB which covers data until November 2012 says that this Bank allocated about $5.799 billion worth loans to Iran, including $3.229 and $2.550 billion for project and trade financings respectively for 77 operations.

Each Islamic dinar equaled to about 1.47 USD in the IDB's latest report published on March 28, 2013.