Economy, Sci & Tech

IDB to Invest in Iranian Sci-Tech Projects

IDB to Invest in Iranian Sci-Tech ProjectsIDB to Invest in Iranian Sci-Tech Projects

A senior official at Iranian Research Organization for Science and Technology said Islamic Development Bank will invest in 13 major Iranian scientific and technological projects in the next five years.

Mahmoud Molanejad, deputy chairman of the organization, made the announcement during a press conference on Monday, Iran Project reports.

Molanejad mentioned the bank’s new approach to invest in the Muslim countries’ technological projects, adding that the Iranian Research Organization for Science & Technology, as the bank’s consultant in Iran, has been appointed to formulate the cooperation document.

The official further said the document has been submitted and the bank will invest in Iran by 2020, based on the priorities defined in the document.

“The document has presented 13 major projects and introduced Iran’s capacities in the scientific and technological fields,” he said. Molanejad noted that the proposed projects are also beneficial for other Muslim countries and Iran’s neighbors.

"Production of renewable energies, bio drugs and dust control are some of the proposed technological plans by Iran," he said.

Following the Declaration of Intent issued by the Conference of Finance Ministers of Muslim Countries held in Jeddah, Saudi Arabia, in December 1973, the Islamic Development Bank was established as an international financial institution.