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Persian Gulf Cooperation Council offers a 400-mn dollar loan for reconstruction of Bam

Persian Gulf Cooperation Council (PGCC) delegation visiting Iran in a meeting with the Minister of Housing and Urban Development Ali Abdolalizadeh in Tehran on Sunday declared that PGCC is ready to extend a 400-million-dollar loan for the reconstruction of quake-hit Bam city with a two-percent 25-year reimbursement period, IRNA reported.

The delegation comprised of national funds and the finance ministries of PGCC member states including Kuwait Arabic Economic Development Fund's regional manager of Eastern/Southern Asia and the Pacific, government representatives from Qatar and Bahrain as well as PGCC secretariat.

A report released by the media department of the Housing and Urban Development Ministry said that in the meeting, cooperation in the reconstruction of Bam was discussed.

"It is up to the Ministry of Economic Affairs and Finance to decide about the payment and reimbursement terms of the proposed loan," added the minister.

He noted that the friendly PGCC member states were among the frontrunners arriving at the site of the tragic earthquake in Bam to provide the victims with humanitarian aid in the early hours following the catastrophe on December 26.

"We are determined to build up the quake-levelled city such that it would be remembered as a good example of cooperative attempts in the world and display relics of the devastating disaster in museums to call the attention of future viewers to the close cooperation of various states in time of crisis," he added.

Reiterating the need to expedite the reconstruction process, he noted that despite the great importance of taking quick measures to the effect, the latest facilities and technologies should be employed to raise the quality and precision of the structures.

... Payvand News - 2/8/04 ... --

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