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World Bank's promised loan for Bam reconstruction still unreleased

Tehran, July 25, IRNA -- A senior advisor to the World Bank (WB), Nadereh Shamlou, said that a loan promised by the bank for reconstruction of the quake-hit city of Bam has not yet been released.

In a recent visit to Iran along with members of a WB team, Shamlou told IRNA that the bank is still in the process of deciding whether to approve the loan to Iran for the reconstruction of the city.

She was, however, optimistic current talks on the grant of a loan worth 150 million dollars will be concluded in late summer.

According to Shamlou, a number of WB delegations have already visited Tehran to discuss the issue with pertinent Iranian officials.

In accordance with WB regulations, once a final agreement is reached and members of the bank's board of directors approve the loan, it will be released.

Shamlou hoped the loan will be approved soon and that it will be released to Iran by the end of September, 2004.

The official pointed to the need to harmonize domestic laws and regulations with those of WB requirements and to show the growing potential of Iran to absorb financial resources as prerequisites to expediting the process.

... Payvand News - 7/25/04 ... --

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