August 22, 2017 / 3:28 PM / a month ago

World Bank says not currently looking at financing projects in Iran

LONDON (Reuters) - The World Bank said on Tuesday it was not currently looking to finance any projects in Iran, responding to Iranian government comments that the World Bank was considering financing railway electrification in the country.

The head of Iran’s regional railway authority, Yusef Geranpasha, was quoted as saying by state news agency IRNA on Tuesday that the World Bank had agreed to provide 1 billion euros ($1.18 billion) to electrify the rail network in Iran.

“We are not considering financing any projects in Iran right now,” a World Bank spokesman said.

Geranpasha had said the World Bank loan was related to a 1.2 billion euro deal that Russia and Iran signed in November 2015 to electrify the Garmsar to Inche Burun route in Iran.

Reporting by Bozorgmehr Sharafedin, editing by Louise Heavens and Jane Merriman

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