World Bank allocates $90 million loan to Iran for fight against COVID-19

World Bank has approved the allocation of a $90 million loan to the Islamic Republic of Iran for its battle against the coronavirus disease, according to Ali Fekri, the Deputy Minister of Finance and Economic Affairs.

8 January 2022
ID : 33398
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World Bank has approved the allocation of a $90 million loan to the Islamic Republic of Iran for its battle against the coronavirus disease, according to Ali Fekri, the Deputy Minister of Finance and Economic Affairs.

He said that the World Bank loan has one of the lowest interest rates in comparison to other international finances.

The official noted that all Iran’s needs for medicine and medical equipment for the fight against the pandemic will be sold by World Health Organization (WHO) and delivered to the country so as to foil the impact of sanctions and banking problems.

The World Bank had in May 2020 extended Tehran $50 million via the Iran Covid-19 Emergency Response Project.

Also early April 2021, former Governor of Central Bank of Iran (CBI) Abdolnasser Hemmati asked the International Monetary Fund (IMF) to immediately consider its request for an emergency loan it needed to battle the economic impacts of COVID-19. 

Hemmati urged the IMF to stop discriminating against a member state because of “political lobbying” by the United States.

Iran had put out a request for a $5 billion loan, but Washington had in line with its changeless anti-Tehran policy and maximum pressure campaign opposed dispensation of the sum by the world body.

The US move was widely condemned by both Iranian and world officials.

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