September 2009 The Islamic Development Bank (IDB) plans to provide a $90-million loan to Iran for the development of Khomroud coal mine in Kerman province. According to Inn.ir, the Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO) said the IDB officials will travel to the country in December to finalize the deal. If approved, $30 million will be given to IMIDRO annually for three years, accounting for 70 percent of the total required investment. Domestic investors will finance the rest. The Khomroud mine development plan is aimed at providing regional coal washing and coke producing factories with raw materials. The project will create over 1000 new jobs directly and 4,000 indirectly. 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. The purpose of the bank is to foster the economic development and social progress of member countries and Muslim communities in accordance with the principles of Islamic Law. IDB currently consists of 56 member countries. © Iran Daily 2009 omar 1.1:zy
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