Economy, Business And Markets

Iranian Bank to Help OFID Projects

Iranian Bank to Help OFID ProjectsIranian Bank to Help OFID Projects

The Export Development Bank of Iran (Iran’s Bank Tose-e Saderat) has announced that it will finance Iranian companies that win tenders offered by the OPEC Fund for International Development (OFID), IRNA reported.   According to IRNA, at the 148th session of the governing board of OFID, five projects worth a total of $400 billion were approved; these will then be conducted in Burkina Faso, Burundi, Côte d’Ivoire, Swaziland, and Nepal in the fields of agriculture and irrigation, road transportation, and water-sewage systems.  The construction operation, as well as the required machineries and equipment will be provided through globally offered unlimited tenders.  EDBI and OFID had signed an agreement in 2011, whereupon the two sidesagreed to carry out development and infrastructure projects in less developed countries. OFID is a development finance institution established by the member states of OPEC in 1976 as a collective channel for providing aid to the developing countries.