Are Western financial authorities taking their eye off the ball by focusing sanctions on Iran’s oil? According to the monthly investor newsletter from Turquoise Partners, Iran is boosting its steel production, and is set to receive a 65 million euro loan from the notorious Islamic Development Bank to expand coal mining in southeast Iran.
Be warned that the Iranian theocracy can use revenues from these sectors not just to diversify their economy, but to help buoy their budget, sustain their jackbooted regime, and fund their nuclear aspirations.
From the latest edition of “Iran Investment Monthly”:
Iran the 15th largest steel producer
According to the World Steel Association, Iran’s crude steel output totaled 7.36 million tons in the first quarter of 2012 and the country was ranked the 15th largest steel producer in the world and the second in the Middle East after Turkey…
Despite global economic sanctions, the country’s steel output increased by 5 million tons during the past two years reaching to 17 million tons…
A EUR 65 million loan to Iranian Mining Sector
Islamic Development Bank (IDB) will be granting a EUR 65 million loan in order to equip Khamroud coal mines in Zarand, Kerman province. According to the Ministry of Economic Affairs and Finance, the issuance of this letter of guarantee by the ministry means that the project has entered its administrative phase. Total funding requirements to equip these coal mines is around EUR 100 million, and the remaining EUR 35 million will be financed through local partners. There are 30 million tons of coal coke in Khamroud mines; through development of this project, some 750 thousand tons of raw coal and 400 thousand tons of coal concentrate can be extracted from these mines over a four year period. A report by IMIDRO indicates that extraction of these reserves can ultimately continue for a 22 year period. The project itself will create 1000 direct and 5000 indirect jobs.
Iran has so far obtained $2.2 billion in loans from the IDB and the country’s major infrastructure projects have been funded partially through the financial assistance of this bank. IDB is a multilateral development financing institution located in Jeddah, Saudi Arabia…
Readers should also take a look at Shariah Finance Watch’s prior coverage of the Islamic Development Bank (IDB). It is fitting that IDB would be active in Iran given the Islamic Republic’s deep involvement and experience with sharia finance.
World Bank spends your money to promote sharia
November 22, 2012The World Bank has agreed to collaborate with the Islamic Development Bank (IDB) “in the development of Islamic Finance,” according to the Arab News.
The Jeddah-based IDB, which Shariah Finance Watch describes as “the financial jihad wing of the Organization for Islamic Cooperation (the world’s foremost Islamic imperialist organization),” has a disturbing history and role in international finance that you can read about here.
The Global Muslim Brotherhood Daily Report has previously described the IDB’s role “in funding a project of a Ukrainian Brotherhood organization, in financing the projects related to the Islamic Society of North America (ISNA), and sponsoring a philanthropic conference held by an organization with Brotherhood ties. Another post noted that IDB representatives were in attendance at a Saudi charity seminar attended by Wael Julaidan, possibly the known founder and financier of Al Qaeda.”
Sounds like a great partner for peace and global economic prosperity, doesn’t it? From the Arab News last month:
The World Bank previously dallied with at least one sukuk (Islamic bonds) issuance in 2009, and declared Islamic finance to be a “priority area” last year. The World Bank also co-hosts an annual conference with AAOIFI, a Bahrain-based standards setting board for sharia finance that is chaired by the notorious sharia law advocate, Taqi Usmani.
The World Bank is funded by member country contributions from taxpayers like you, and international investors and institutions that buy their bonds.
Posted in News commentary | Tagged Islamic Development Bank, Muslim Brotherhood, OIC, Sharia finance, sukuk, World Bank | 4 Comments »