Washington: Effective on Friday, the International Bank for Reconstruction and Development (IBRD) under the World Bank Group (WBG) has moved all loans to Iran, from non-performing status to performing status, following the payment of all overdue amounts on these loans, the WBG has announced.
The effect of this action will increase IBRD's income in the 2014 fiscal year starting July 1 by approximately $31 million. As of Friday, the remaining principal amount outstanding on IBRD loans to Iran is approximately $616 million, or 0.4 percent of IBRD's total outstanding loans, reported Xinhua citing the WBG in a statement.
The bank currently does not have a programme for Iran and all projects referenced above are closed. IBRD complies with UN sanctions and international sanctions and is consistent with US laws and regulations concerning Iran, the statement said.
While addressing a White House press conference Friday, US President Barack Obama announced that he has just spoken directly with his Iranian counterpart Hassan Rouhani by phone regarding nuclear programme. This was the first talk between the two countries ' presidents for over 30 years.
First Published: Saturday, September 28, 2013, 15:14