Iran News ...


2/17/03

Tehran municipality denies World Bank has reneged on loan

Tehran, Feb 16, IRNA -- Tehran Municipality denied on Sunday press reports that the World Bank has reneged on its promise to provide loan to the metropolis Tehran.

Managing Director of Tehran Municipality's Motor Services Department Hamidedin Molazehi expressed satisfaction "on the normal trend of the loan approval process by the World Bank."

He told reporters that the Ministry of Finance and Economy and Tehran municipality are the principal recipients of the loan.

World Bank initiated a waste recycling plan in Iran seven years ago which has lead to comprehensive projects in waste management throughout the nation.

The latest discussion between Iran and the World Bank include the the latter approval of extending a dlrs 200 million credit to Iran for reinforcing buildings in Tehran against earthquakes, a Persian language newspaper reported in December.

According to 'Tosse'e', some dlrs 160 million of the credit will be allocated to strengthening of buildings and offices in the province, and the rest will be spent on protecting infrastructural installations against the disaster.

Some experts believe that a strong earthquake will struck the province.

Minister of Economy and Finance Tahmasb Mazaheri said here Earlier in January that Iran, commensurate with its share in the World Bank, has to benefit from low-cost and long-term credit in implementing large or infrastructural projects.

Speaking at his monthly meeting with reporters, he added that in addition to World Bank loans, Iran has to take advantage of the body's affiliated companies including the International Finance Cooperation (IFC) which provides facilities to the private sector. Negotiations in this respect have already begun, he added.

Iran could use another affiliated World Bank cooperation MIGA (Multilateral Investments Guarantee Agency) which guarantees investments of member countries in each other.

"This enable us to absorb capital at lower rates and guarantee Iranian investments in other countries," Mazaheri underlined.

He added that the government has approved Iran's membership in MIGA and has tabled the bill in the Majlis.

World Bank loans stipulate for the countries to incorporate its guidelines in their policies and utilize their natural advantage in more efficient use of the loans.

... Payvand News - 2/17/03 ... --



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