Iran’s representative at the World Bank’s executive board has appealed to the Washington-based lender to develop an aid strategy for the Islamic nation.
The appeal was made at a recent meeting of World Bank executive directors, according to David Bosco of Foreign Policy. The strategy, dubbed country assistance strategies, maps out ways on how the bank can help promote development in an aid-recipient nation.
The U.S. has opposed the request, but the BRIC block, comprised of Brazil, Russia, India and China, has deemed that the appeal has merit, Bosco says.
“This support notwithstanding, the Bank’s leadership appears very unlikely to produce a new strategy paper for Iran. Bank management has argued that the network of international sanctions on Iran make it exceptionally difficult to arrange financing and monitor any new projects that would be initiated,” Bosco argues.
The World Bank has some existing projects in Iran, such as a USD150 million water and sewage project in the north and two International Finance Corp.-backed projects worth less than USD12 million.