World Bank, Islamic Development Bank to help Iran in fighting COVID-19

April 18, 2020 - 12:40

TEHRAN - The World Bank (WB) and the Islamic Development Bank will provide Iran with loans to support the country in fighting coronavirus. 

“For the first time since 2005, we will receive a loan worth 50 million dollars from the World Bank. Preliminary measures have been taken by related bodies such as the Central Bank,” deputy health minister Kamel Taqavinejad said, ISNA reported on Saturday.

"Moreover, the Islamic Development Bank is going to provide us with another loan worth 130 million euros for buying medical equipment,” he added.

Iran’s central bank wrote last month to the International Monetary Fund to request a $5-billion from its Rapid Financing Initiative, an emergency program that gives loans to countries facing sudden shocks such as natural disasters.

It was Tehran’s first request for IMF loan since the 1979 Islamic Revolution.

Iranian central banker Abdolnasser Hemmati said Iran’s request was being presented to the IMF executive board, and that Tehran was intent to pursue the demand.

“We expect the IMF to immediately respond to the request of Iran which itself is a founding member of the fund,” Hemmati wrote on his Instagram page on April 9.


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