Islamic Development Bank to invest in Iran development projects

Representative of the Islamic Development Bank in Iran Ali Fallahi said the bank is going to make investments in Iran construction projects. He said the investments which amount to dlrs three billion will be made in the next three years. Making the remark during a ceremony to sign an agreement between the bank and a provincial water company here in southern Iran on Saturday, Fallahi noted that based on previous plans, his bank is to make dlrs 650 million investments in four basic construction projects in the Islamic Republic of Iran in 2012. Jaafar Zir Rahi, a provincial water official, said the financial aid to be provided by the Islamic Development Bank will speed up development projects in his province. According to the agreement, the Islamic Development Bank will allocate euros 87 million for building a dam in the southern city of Minab.