TEHRAN -- Shengman Zhang, vice president of the World Bank announced that the bank is preparing its cooperation approach for the three-year period from 2003 to 2006, with the Islamic Republic of Iran.

According to the Central News Bureau Shengman Zhang in a meeting with Tahmasmb Mazaheri minister of finance ad economic affairs, said that this approach could lay the foundation for understanding and cooperation in areas of mutual interest.

He expressed hope that cooperation of the World Bank in offering technical and financial help toward implementation of infrastructure projects in Iran would prove beneficial.

He stressed that the Iranian economy does not need financial help from the World Bank, but in transferring knowledge and global experience the bank can provide effective assistance.

Mazaheri on his part referred to economic reforms in Iran, the improvement of the tax regime, establishment of a single exchange rate for the Iranian rial against foreign currencies, and the approval of the new foreign investment law. He emphasized the need for the presence of a strong capital market and an all-encompassing social security system.

Mazaheri said, the cooperation of the World Bank with Iran would pave the way for growth of investment in Iran. He, in particular, asked for a more serious cooperation of the International Finance Corporation (IFC) with the private sector in Iran.