Iran applies for USD50mn loan from World Bank to combat COVID-19

• The groundwork has been prepared and the loan request is being processed in coordination with relevant bodies, such as (Iran's) central bank.
• Iran has also requested a 130-million-euro (141-million-dollar) loan from the Islamic Development Bank for buying medical equipment.

TEHRAN: Iran has applied for a loan of 50 million U.S. dollars from the World Bank to fund the fights against the novel coronavirus, Financial Tribune daily reported on Monday.

"The groundwork has been prepared and the loan request is being processed in coordination with relevant bodies, such as (Iran's) central bank," Kamel Taqavinejad, the deputy health minister, was quoted as saying.

This is the first time since 2005 that Iran has applied for such a loan from the World Bank, Taqavinejad said.

According to the official, Iran has also requested a 130-million-euro (141-million-dollar) loan from the Islamic Development Bank for buying medical equipment.

On March 12, the Central Bank of Iran announced that it had asked the International Monetary Fund (IMF) for a 5-billion-dollar loan to combat the outbreak of COVID-19 in the country.

However, reports said later that the United States had blocked Iran's request for the emergency loan.