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Despite U.S. pressure, WB to start its first project in Iran

TEHRAN, Dec. 2 (Mehr News Agency) - Despite increasing U.S. pressure on all international organizations to economically boycott the Islamic Republic of Iran, The World Bank has ensured its first private sector project in Iran.

According to the Persian service of Iranian Students News Agency (ISNA), the World Bank's Multilateral Investment Guarantee Agency (MIGA) that is running in the developing countries has issued a 122-million-dollar insurance coverage for the project of constructing the Mehr Petrochemical Company in Iran.

A World Bank news resource had earlier announced that the U.S. representative in the MIGA had refrained from voting for guaranteeing the World Bank's project in the Islamic Republic.

It seems worth to mention that the World Bank has taken the aforesaid supportive measure in favor of Iran in a condition that international tensions against Iran's nuclear programs have increased.

The Mehr Petrochemical Company is scheduled to use the natural gas of the Southern Pars Gas Field to produce Poly Olefin that is scheduled to be mostly exported to China.

Deputy director of the MIGA in executive affairs said that the very project would be a significant step taken toward increasing the non-oil productions of the Islamic Republic and is predicted to have significant economic impacts.

In its internet site, MIGA has announced that the Islamic Republic enjoys the world's second greatest resources of natural gas.

At the same time, economic analysts believe that over 80% of Iran's export incomes is gained through selling the crude oil; while the production capacity of Iran's greatest oil fields is decreasing.

... Payvand News - 12/3/05 ... --

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