Legal Newsletter

Archive

 

In our newsletter, you will find the latest news and comments on legal and trade-related developments in various areas of Iranian commercial and financial law and practice.
 Contents
  Significant Increase of Iran’s contribution in ITFC
1 January 2015
Significant Increase of Iran’s contribution in ITFC

Nourlaw.com- 1 January 2015- Iran Council of Ministers has resolved to increase its contribution in the International Islamic Trade Finance Corporation (ITFC) from the current USD 1.92m to USD 192m. 

The related decree No. H49361T/116887 dated 8/10/1393 (29 December 2014) for this considerable   increase was published in the Official Gazette today.

The decision stipulates that the Central Bank of the Islamic Republic of Iran (CBI) will arrange payment of USD 100m and register that in its books as the Iranian government's share in the ITFC.

ITFC is an autonomous entity within the Islamic Development Bank Group created with the purpose of advancing trade to improve the economic condition and livelihood of people across the Muslim world.

State members of ITFC are: Saudi Arabia, Libya, Iran, Egypt, Turkey, United Arab Emirates, Kuwait, Pakistan, Algeria and Indonesia.

 ( Nourlaw.com- 1 January 2015)