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Iran defends credit record with World Bank

Source: Radio Zamaneh

Iran says it has not missed any payments on its World Bank loans, citing international sanctions as the reason why its money is not reaching the global lender.

Central Bank of Iran
Central Bank of Iran

Behrouz Alishiri, the head of the Iranian Investment Organization, said Iran will contest the World Bank's decision to designate Iran's loans as non-performing because payments are six months behind. That designation would deny Iran any further World Bank funding, and its standing with other commercial creditors could be compromised.

On June 30, Iran owed $697 million to the World Bank, and $79,000 of that is now overdue.

Alishiri said Iran forwarded the installments to an intermediary in time to meet the payment, but the third party failed to forward the sum. Alishiri says it all stems from the U.S. and EU sanctions that target banks that deal with Iran's Central Bank.

Related Press Release by World Bank

International Bank for Reconstruction and Development Places Loans to Islamic Republic of Iran in Non-Performing Status

July 18, 2013

Issue concerns closed loans -- Bank has no active program in Iran

WASHINGTON, July 18, 2013--Effective July 16, 2013, the International Bank for Reconstruction and Development (IBRD) has placed its loans to the Islamic Republic of Iran in non-performing status. This action was in accordance with IBRD's established policy of placing its loans to, or guaranteed by, a country in non-performing status if payment on any loan is overdue by more than six months.

The principal amount outstanding on IBRD loans to the Islamic Republic of Iran was approximately US$697.4 million, or 0.5 percent of IBRD's total outstanding loans as of June 30, 2013. At the date of this action, overdue payments totaled US$79.1 million. The effect on IBRD's fiscal year 2013 income of placing IBRD loans to the Islamic Republic of Iran in non-performing status will be a charge of approximately $81.1 million.

The Bank does not have a program for the Islamic Republic of Iran and all projects referenced above are closed. IBRD complies with UN resolutions and international sanctions and is consistent with US laws and regulations concerning Iran.

... Payvand News - 07/22/13 ... --

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