International Bank for Reconstruction and Development Places Loans to Islamic Republic of Iran in Non-Performing Status
July 18, 2013
Issue concerns closed loans -- Bank has no active program in Iran
WASHINGTON, July 18, 2013--Effective July 16, 2013, the International Bank for Reconstruction and Development (IBRD) has placed its loans to the Islamic Republic of Iran in non-performing status. This action was in accordance with IBRD's established policy of placing its loans to, or guaranteed by, a country in non-performing status if payment on any loan is overdue by more than six months.
The principal amount outstanding on IBRD loans to the Islamic Republic of Iran was approximately US$697.4 million, or 0.5 percent of IBRD's total outstanding loans as of June 30, 2013. At the date of this action, overdue payments totaled US$79.1 million. The effect on IBRD’s fiscal year 2013 income of placing IBRD loans to the Islamic Republic of Iran in non-performing status will be a charge of approximately $81.1 million.
The Bank does not have a program for the Islamic Republic of Iran and all projects referenced above are closed. IBRD complies with UN resolutions and international sanctions and is consistent with US laws and regulations concerning Iran.
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