IDB extends Tunisia $20 million loan

The Islamic Development Bank granted Saturday $20 million dollars in loans for two Tunisian industrial entities to finance the import of raw materials.

An IDB statement said the first $10 million loan agreement stipulates the financing of imports of coal, iron and zinc by the Tunisian company for iron industries.

The second $10 million loan agreement stipulates the import of paper pulp from an IDB member state, by the Tunisian national paper company.

The statement said that with the signing of the two agreements, total IDB loan values reached $870 million earmarked for financing development and foreign trade projects.

The IDB seeks to upgrade trade among its 52 member states to 13 percent instead of the current 10 percent.

The IDB has earmarked since it began operations in 1976 $13 billion to support trade among Islamic countries.

The Jeddah-based bank, which has a $9 billion capital, was established in 1975.