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The Islamic Development Bank (IsDB) has approved a Eu10mn import finance loan to Iranian firm Avangan. The Iranian side can use the loan to purchase the needed raw material used in electricity pylons and steel pipes.

In May, the board of directors of the IsDB in announced its preliminary approval to allocate a loan of Eu60mn for development projects undertaken by Iran Khodro.

Iran Khodro’s projects to establish a production line for its new product, expand the line for production of Peugeot 206s and set up a joint venture to produce 20,000 and 15,000 cars (Samand) per year in Egypt and Syria respectively were also approved at the meetings.
Some Eu100mn would be allocated to the specified projects through the IsDB, of which Eu60mn would be extended directly by the bank.