Contribution to IDB Capital Increase Proposed by Gov’t

The government on Tuesday submitted a bill to parliament regarding Iran's contribution to the sixth round of Islamic Development Bank's (IDB) capital increase. 
According to Mohammad Hosseini, vice president for parliamentary affairs, the proposal is to help maintain Iran's position, as the third largest shareholder of the IDB, and increase its voting clout in the board of directors, newswires quoted him as saying. 
The bill was approved by the Cabinet and must become law to be implemented. 
In 2020, the IDB board of governors approved the 6th General Capital Increase amounting to 5.5 billion Islamic Dirham in paid-in capital (PIC) payable over 14 years commencing in 2023.