بانک توسعه اسلامی

A draft bill to allow Iran to participate in the sixth round of increasing capital of Islamic Development Bank was presented.

IBENA - due to the need to maintain the position and rank of the Islamic Republic of Iran in Islamic Development Bank as the third shareholder of the bank and use the opportunity to promote our country's influence in the bank's board and executive board with the aim of making more use of the bank's facilities, especially financing for the infrastructure projects, Ministry of Economy and Finance has submitted to the government a draft bill as Permission for Islamic Republic of Iran to participate in increasing the shares of the sixth round of Islamic Development Bank for review and approval. The Islamic Development Bank, as the largest financial institution in accordance with Islamic Sharia law in the world, is one of specialized institutions of Organization of Islamic Cooperation (OIC) by AAA rank among development banks and Islamic Republic of Iran at the end of 1988, by underwriting of 250 shares in the amount of 2.5 million Islamic dinars, was accepted as a member.

So far, our country has maintained its shareholding in this bank by participating in five rounds of capital increase. At present, Iran is the third largest shareholder of Islamic Development Bank after Saudi Arabia and Libya, with an underwriting of 4 billion 174 million 630 thousand Islamic dinars. Islamic Development Bank, based on resolution (OIC) on May 31, 2019 and the forty-fifth meeting of Board of Directors of Islamic Development Bank in 2020, approved the proposal for the sixth round of increasing public capital shares.

According to the sixth round of increasing shares of the mentioned capital, general capital of the bank will increase from 50 billion dinars to 55 billion and 500 million Islamic dinars. This capital increase has been done with the aim of supporting the increase of public capital, maintaining credit rating of the bank, as well as improving the ability to equip financial resources of infrastructure projects. The value of each share of the sixth round of capital increase is equal to 10 thousand dinars. The underwriting and payment of each share is equal to one vote. Therefore, voting by member states is subject to obtaining legal permits and deadline set by the bank is January 1, 2022.

Considering need to maintain the position and rank of Islamic Republic of Iran in Islamic Development Bank as the third shareholder of the bank and this opportunity to promote our country's influence in the bank's board and executive board with the aim of making more use of the bank's facilities specially financing for infrastructure projects, Ministry of Economy and Finance has submitted to government a draft bill as Permission for Islamic Republic of Iran to participate in t capital increase of the sixth round of Islamic Development Bank for review and approval.

Mentioning that the proposal is currently being considered and decided in Government Economic Commission.

Comment

You are replying to: .
3 + 6 =