TEHRAN, Feb. 6 (Mehr News Agency) -- The Islamic Development Bank (IDB) has agreed to grant Iran $1.3 billion in loans for the development of a number of the projects in the country, Tahmasb Mazaheri, Iran's representative in the IDB, said here on Tuesday.
The Islamic Republic has up to now received around $300 million of the figure and invested it in its projects, the Iranian official added.
The bank has also approved the allocation of a loan of €55 million to Iran's Khuzestan Steel Co. to be spent in the steelmaker company's development project.
The loans will be offered to the Islamic Republic of Iran within the framework of the Import Trade Financing Operations (ITFO) Program of the IDB. It will help Iranian firms to supply their required raw materials or expand their businesses.
The ITFO program, established in 1976, aims at assisting the development efforts of the member countries by providing operational facilities to them to import goods which are essential for their economic development. Promotion of the direct trade among the member countries thereby contributing towards their economic growth has been cited as another objective of the program.
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