Iran, Saudi cooperating in Islamic Development Bank: deputy minister
Ali Fekri, the Iranian deputy minister of economy, has said that Iran and Saudi Arabia have important cooperation within the framework of the Islamic Development Bank (IDB).
Commenting on economic cooperation between Iran and Saudi Arabia following the normalization of diplomatic relations between the two countries, Fekri told ILNA, “Such changes occur gradually for countries that had severed relations with each other for a long time, but currently the most important area of interaction that has developed between Iran and Saudi Arabia is in the area of the Islamic Development Bank.”
According to the Iranian official, the Islamic Development Bank is a framework of cooperation between Iran and Saudi Arabia in addition to all other Islamic countries.
He added, “Saudi Arabia is the largest shareholder of the Islamic Development Bank and Iran is the third shareholder of the Islamic Development Bank. Fortunately, with the change in the political conditions of the two countries, there have been positive developments in Iran's relations with this bank, and this action is important because this bank is considered the basis of project cooperation and investment between Iran and Saudi Arabia and all Islamic countries.”
Fekri noted, “Saudi Arabia is a member of the board of directors of this bank, and Iran and joint projects are assigned to the board of directors of this bank, and this meeting is currently being held in Jeddah.”