VOL. XLVI

No 1

6-January-2003

AID

International Finance Corporation Gives Iran First Loan Since 1974

International Finance Corporation (IFC), the private sector arm of the World Bank Group, announced on 19 December that it would pay $2mn to take a 20% stake in Irans Karafin Leasing Company (KLC) and also supply a loan of up to $3mn to the newly-established joint venture. The loan is the first that the IFC has made to Iran since 1974, although the World Bank itself in May 2000 approved two loans...