April 2009 JEDDAH - Dr. Ahmad Mohammad Ali, president of Islamic Development bank (IDB) Islamic Development bank (IDB) , signed an agreement with Dr. Seyyed Shams Al-Din Hosseini, Iran's minister of economy and finance at the IDB`s headquarters on Wednesday. The agreement aims to intensify cooperation between the two parties in common interest and strengthen economic development initiatives. The agreement includes the establishment for co-financing fund with equal contributions from both sides. "We will provide loans to the development projects in services sectors such as energy, water and agro-industries that might reach up to eight years, including the preparation period of three years," Ali said. The IDB IDB will establish an international infrastructure fund worth between one billion to one and a half billion euros to assist in the economic feasibility projects in member countries.

© The Saudi Gazette 2009 omar 1.1:zy