Association of Islamic Banking Institutions Malaysia

IDB Affiliate Fund for Barez

Friday, 03 July 2009

The International Islamic Trade Finance Corporation (ITFC), an autonomous entity within the Islamic Development Bank (IDB), has allocated 25 million euros to Iran's Barez Industrial Corporation to import its required items.

ITFC's responsibility is to monitor market trends and achieve the Islamic Development Bank's objectives through the introduction of specialized funds, ISNA wrote.

Through its trade finance operations, ITFC strives to raise the volume and value of intra-trade, contribute to market development and increase export capabilities in the member countries.

In this respect, ITFC initiated and approved 70 trade finance operations with a total value exceeding $2.5 billion. Of this amount, $878 million, representing 35 percent of the total came from external mobilization of resources.

According to IRNA, the IDB in June announced it has earmarked $150 million for five of Iran's development projects.

The Islamic Development Bank is an international financial institution established in pursuance of the declaration of intent issued by the Conference of Finance Ministers of Muslim Countries held in Jeddah in December 1973.

Zawya