Managing director of Foreign Investment Company said that Iran has managed to implement half of the ratifications of Islamic Corporation for Development of the Private Sector (ICD).
“Despite being under (economic) sanctions, Iran has so far carried out 50 percent of the ratifications of ICD which is affiliated to the Islamic Development Bank,“ Mehdi Reza Darvishzadeh told Fars on Sunday.
He explained that the organization provides loans and credits to private and not state companies.
Since its establishment in 2000, the Jeddah-based entity has approved 81 projects worth $500 million of which $54 million was allocated to Iran’s private sector, the official said.
Darvishzadeh recalled that Iran, after Saudi Arabia, has received the highest amount of ICD financial facilities.
The private sector is increasingly seen as the major driving force behind economic development and progress. As a result, member countries of the Islamic Development Bank have realized the need for fostering an active private sector.
They approved the establishment of the ICD in November 1999.
The ICD is an independent international multilateral financial institution created for the development of its member countries through investment in the private sector and the provision of financial services to private entities.

Iranian experts will start constructing power transmission lines in Senegal following the issuance of a bank guarantee worth 24 million euros, IRNA reported on Monday.
Public Relations Office of Export Development Bank of Iran (EDBI) reported that a contract on issuance of bank guarantees was signed between EDBI and Societe Senegalaise d’Electricite (SENELEC).
The SENELEC is one of the mainÊproducers and suppliersÊof energy inÊthe west African county. The company isÊresponsible for the generation, distribution and supply of electricity throughout Senegal.
The deal will guarantee repayment of loans taken by SENELEC to Senegalese bank CBAO.
Iranian firm, Sanir, is to construct the 185-kilometer transmission lines connecting three Senegalese cities of Tobene, Touba and Kaolack which have a total population of over 200,000.

25 automakers in Iran produce light and heavy vehicles.

Research and Markets has announced the addition of ’Automotive Industry and Market of Iran 2007’ to their offering, the Dublin-based Business Wire reported.
Iran ranked the world’s 16th biggest automaker in 2006. It is the number one automaker of the Middle East and one of the leading front runners in the Asian continent.
Over one million and eighty four thousand automobiles were produced in the year 2006-2007 which constituted 1.43 percent of the total automobiles produced in the world. Automotive production in Iran between March 2006 and 2007 rose to 127 units per 1,000 persons in the country.
There are over 25 automakers in Iran, actively producing both light and heavy vehicles. These automakers are in joint venture with several popular international automakers such as Peugeot (France), Citroen (France), Volkswagen (Germany), Nissan (Japan), Toyota (Japan), Kia Motors (South Korea), Proton (Malaysia), Chery (China) and many other established producers of light and heavy vehicles.
These automakers produce a wide range of automobiles including motorbikes, passenger cars, vans, mini trucks, medium sized trucks, heavy duty trucks, minibuses, large size buses and other heavy automobiles used in commercial and private activities in the country.
However, despite high production levels, it is unanimously believed by experts that the demand for automobiles far outstrips the supply. According to estimates the current demand stands at 1.5 million vehicles, which currently cannot be met by the local producers. More than half of the vehicles in Iran are over 25 years old and vehicle density is relatively low at 55 cars per 1,000 people.
In 2006, the government lowered the automotive import tariff levels to 90 percent (further drop is expected in March 2008) for light weight vehicles and since then a huge influx of imported vehicles has been witnessed in the country.
The tariff level for import of heavy vehicles is even lower at 20 percent, due to low levels of local production and high demand. As a result, a variety of automotive brands are being presently imported into Iran including Toyota, BMW, Mercedes Benz (these three being the expensive and/or luxury brands), Rover, Ssangyong, Audi, Subaru, Volkswagen, Renault Leon, Altea variety of heavy vehicles, construction and mining equipment from leading manufacturers such as Mercedes Benz, Renault, Iveco, Mann, Kamaz, Caterpillar.

Spinal z is ultimately produced from indigenous herbs thanks to 10 years of efforts by SSOI researchers to help alleviate sufferings of patients.

Iranian scientists and researchers have produced a new herbal medicine called ’spinal z’ for curing intestine cancer, managing director of the Social Security Organization of Iran (SSOI) announced late Sunday.
Speaking while inaugurating the 10th International Exhibition on Iran’s Medical Industries, known also IranMed, in Tehran, Davoud Madadi stated that the discovery of the new herbal medicine followed a decade of research, Fars reported.
“Spinal z is ultimately produced from indigenous herbs thanks to 10 years of efforts by SSOI researchers to help alleviate sufferings of patients.“
The official stated that Iran is a role model for regional countries in terms of ensuring health of the nation. “Health can not only be translated into ’no illness in this country’ but it also means that all the nation enjoy an individual, social, physical and mental health.“
He, however, stressed that this objective cannot be achieved unless the nation and the government join hands.
At present, companies affiliated to the organization produce 40 percent of total domestic drug production.
These companies introduced 35 new medicines in the domestic market since the government of President Mahmoud Ahmadinejad took office.
Presently, 95 percent of domestic medicine demand is produced domestically.
These domestically-produced drugs save the country six billion dollars each year.
In February, Health Minister Kamran Baqeri-Lankarani officially introduced the new herbal medicine known as ’IMOD’ produced by Iranian scientists for curing Acquired Immune Deficiency Syndrome (AIDS).
Researchers from 15 Iranian research centers managed to achieve this important scientific breakthrough after seven years. The minister further said that the drug, which had been tested on more than 200 AIDS patients, increased the immunity level of patients after undergoing treatment for three months to one year.

A team of experts will soon be dispatched to conduct a research cruise in the Caspian Sea to evaluate its marine reserves, deputy head of International Sturgeon Research Institute announced.
Mahmoud Bahmani told IRNA Sunday that ’evaluation of Caspian Sea reserves’ cruise is to be conducted as part of plans approved by the Caspian Sea Live Resources Commission.
It will cover Iranian waters from Astara in Gilan province (western edge) through to Bandar Turkmen in Golestan province (eastern edge), he added.
The expert noted that results of the study will help the country to determine stocks of precious fish in southern sections of the world’s largest inland body of water as well as Iran’s fishing quota.
Bahmani explained that a bag-like net with a diameter of nine meters will be attached at the end of a vessel to catch marine creatures.
He concluded that the research will help experts conduct a thorough study on feeding and reproduction habits, mating time and breeds of fish.
The Secretariat of the Convention on International Trade in Endangered Species of Wild Fauna and Flora (CITES) had published the export quotas for caviar and other sturgeon products from the Caspian for 2007 in January.
“As per the decision, Iran has been allocated 60 percent of the Caspian Sea caviar quota. The quota for other littoral states--Azerbaijan, Kazakhstan, Russia and Turkmenistan--stands at 40 percent.“
The secretariat did not publish caviar quota in 2006 because the five states concerned failed to provide sufficient information on the sustainability of their sturgeon catch.

Shares of the major aluminum manufacturing company, Iralco, were floated for the first time in the stock exchange since early Monday.
Transfer of stakes of the highly-profitable Iran Aluminum Company--among the best firms of its kind in the country and in Asia--to the private sector is in line with the Article 44 of the Constitution.
The article seeks large-scale privatization in key economic areas which were off the limit of private enterprises for almost three decades.
According to ISNA, transfer of the shares is being conducted in coordination with the State Privatization Organization and the Bourse and Stock Exchange Organization.
Permits have been issued to offer five percent of Iralco’s shares in the stock exchange gradually.
However, three percent of equities were offered in the stock exchange on the first day to evaluate the prices and it is predicted that this amount will rise by 40 percent during 2007-2008 fiscal. The company’s profits exceeded 500 billion rials in the year to March 2007.
It also produces 54 percent of country’s total aluminum output. Iralco is the first company to produce aluminum ingot in the country.
Meanwhile, the State Privatization Organization announced that over 432 million shares of state-owned companies worth more than one trillion rials were transferred to private sector during March 21-June 10.

The Sixth National Energy Conference will open today in Tehran’s Energy Research Center.
More than 1,000 specialists from academic circles, ministries and a number of organizations will discuss modern approaches to supply and consumption of energy at the two-event.
A fax sent to Iran Daily by the Public Relations of Power Generation, Transmission and Distribution Company (TAVANIR) reported that 595 papers have been submitted to the conference secretariat.
Over 174 articles have been selected for presentation at the gathering of which 63 will be delivered as speeches, 46 will be published as posters and the rest will be printed for distribution among the participants.
The conference will deal with topics such as energy and productivity, mid- and long-term strategies for energy sectors as well as energy technologies.
Ten scientific meetings are planned to debate regional and international energy issues, Vision 2021, renewable energies and energy and sustainable development.
An exhibition on achievements of producers and manufacturers will be held on the sidelines of the event.

Oil Minister Kazem Vaziri Hamaneh said Monday that despite all obstacles created by certain powers, Tehran has always acted on its responsibilities to ensure energy supply security regardless of political and regional conflicts.
Addressing the 12th Annual Asia Oil and Gas Conference (AOGC) 2007 in Kuala Lumpur, he stressed that the policies of the EU and Asian countries to diversify gas import sources provide suitable grounds for Iran to develop its LNG and pipeline-gas markets in both continents.
“In fact, Iran’s natural gas will be able to balance energy demand in both Asia and Europe,“ he underlined, IRNA reported.
Iran has finalized feasibility studies for five refining projects in five Asian countries with a total capacity of 1.1mb/d, he said adding,
“Those are some of the cooperation opportunities which I hope will be supported and welcomed by Asian countries.“
In the next 20 years, China and India are expected to be the two major potential consumers providing new opportunities for oil and natural gas industries, the minister said.
“With due focus on the new markets, Iran is determined to protect its oil markets both in Europe and Asia, each taking over 40 percent of Iran’s oil exports,“ he further declared.
The conference kicked off with Malaysian Prime Minister Abdullah Ahmad Badawi officiating the inaugural ceremony.
Addressing the conference, the Malaysian premier said national oil companies (NOCs) need to work together to promote energy security in effective and sustainable ways.
“Energy security lies in shared recognition of our energy interdependence. This state of interdependence should be based on the multilateral cooperation of producers and consumers as well as governments and businesses,“ he said.
In Asia alone, total investment of about $7.8 trillion will be required in key infrastructure along the entire energy value chain, in the period from 2004-2030, he noted.
This translates into new annual investments of about $300 billion, he said adding that these investments will require greater collaboration from all industry participants, including Asian NOCs as well as multinational oil companies.
Abdullah said the issue of energy security continued to be a highly-charged concern.

Some 14.4 million cans of fruit juice are exported from Kish Island, Hormuzgan province to the Persian Gulf littoral states, Iraq and Afghanistan annually.
According to a fax sent to Iran Daily, only one of the fruit juice companies in Kish has created jobs for 20 people in one shift.
Located in Industrial Complex One, the company, established with a capital investment of 10 billion rials, has recently resumed operations through efforts of Kish Free-Trade Zone Organization’s industrial management.
A health and hygiene products company in the same area is also producing over 100,000 tubes of cream and 200,000 bars of soap each year.