Tehran (IP)- The Islamic Development Bank (IsDB) has approved financing for 11 construction projects in Iran, according to Dr. Ehsan Khandouzi, the Minister of Economy.

Iran Press/Iran news: Khandouzi announced the news on Wednesday after the government's weekly meeting, stating that the bank had not provided financing in previous years due to Iran's difficulties in meeting its debt obligations because of sanctions. 

"One of our priorities was to resolve the issues around paying off the country's debt to enable the bank to finance our 11 construction projects," said the minister. 

"We have successfully settled Iran's debt to the bank by circumventing sanctions, reducing it to zero by the end of 1402 (March 20, 2023), and commencing the repayment of installments for the 11 construction projects," highlighted the minister. 

The Minister of Economy described the IsDB as one of the most significant international financial institutions for project financing and stated that its 50th anniversary would be celebrated in Saudi Arabia next week with the participation of 47 countries. 

Iran has already received more than 40 million euros to complete the projects, and the Minister expressed optimism about securing financing for other projects at the upcoming event in Riyadh. 204

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