The World Bank recently announced that it would reduce the amount of loans it would provide the Arab world, including Iran, by nearly 47 percent during fiscal year 2001 compared with last year.
A senior source at the bank stated that the reduction in loans is the result of decisions on the part of these states, which had chosen to lower foreign indebtedness. Consequently, they decided to reduce their borrowing from the World Bank.
Furthermore, some of these countries are reportedly seeking alternative borrowing sources to the World Bank due to cost considerations. Nonetheless, the World Bank is expected to provide some $500 million worth of credit lines and loans to Arab nations and Iran during the fiscal year 2001. –(MENA Report)
© 2001 Mena Report (www.menareport.com)
