Mehr News Agency reported that the Islamic Development Bank approved a EUR 20 million loan to the Islamic Republic of Iran Railway.

Mr Nourollah Beiranvand GD of Islamic Republic of Iran Railways Procurement Department said that the money will be used for expanding rail transportation fleet, developing the related infrastructures and accelerating the implementation of current projects.

The Islamic Development Bank is an international financial institution established in pursuance of the Declaration of Intent issued by the Conference of Finance Ministers of Muslim Countries held in Jeddah in December 1973.

The purpose of the Bank is to foster the economic development and social progress of member countries and Muslim communities individually, as well as jointly in accordance with the principles of Islamic Law.

(Sourced from Mehr News Agency)