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International Finance Corporation to extend 10-million-dollar loan to Iran's Saman Bank

Tehran, April 5, IRNA-Managing Director of Saman Bank Allahverdi Rajaie Salmassi said on Tuesday that the International Finance Corporation (IFC) affiliated to the World Bank (WB) will pay 10 million dollars loan to Saman Bank.

He added that the loan will provide fund for investment in big and small institutes as well as promotion of new banking system within the framework of risk management.

He said that the loan will be spent on preparing the grounds for healthy competition, technical contribution to the credit risk management as well as the administration of finance and debts.

"As the most reputable international financial institute, the World Bank takes into view specific standards for providing the developing countries with loans.

"Compliance with environmental principles in all operations and projects which have been financed by Saman Bank and submission of financial reports based on International Financial Reporting Standards (IFRS) are among the prerequisites for awarding such loans," Salmassi said.

... Payvand News - 4/5/05 ... --

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