Posted on 11/05/2007 1:23:50 PM PST by BradtotheBone
Despite protestations from an influential congressman, the World Bank is going ahead with plans to loan Iran nearly $900 million – with the largest chunk of money coming from the U.S.
Rep. Mark Kirk, an Illinois Republican, earlier this year asked the president of the World Bank, Robert Zoellick – a former member of the Bush administration – to suspend the loans. Zoellick declined, according to the New York Sun.
Kirk, a member of the subcommittee that approves America’s share of the World Bank’s funds, warns that the loans totaling about $870 million will undercut U.S. and Western efforts to pressure Iran into ending the Islamic republic’s nuclear enrichment program.
The main Iranian bank now handling the World Bank transactions is Bank Melli, which was recently designated by the U.S. Treasury Department as financing the nation’s nuclear program.
Loaning money to Iran “sends a message that directly undercuts Western diplomacy with regard to Iran,” Kirk told the Sun.
Kirk said he told Zoellick: “Think of the embarrassment if the U.N. Security Council approves three separate sanctions, and the United States imposes its own unilateral sanctions, and three blocks away the World Bank cuts a check to the Ahmadinejad government.”
A spokesman for the World Bank said the loans were not prohibited by the Security Council sanctions already imposed on Iran, saying: “In relation to Iran, the Security Council resolutions exempt activities by international financial institutions for humanitarian and development purposes.”
Projects to be funded by the loans include improvements to Tehran’s sewage system, relief for victims of the Bam earthquake, and efforts to improve access to health care for rural Iranians.
Zoellick served as President Bush’s first trade representative and was a foreign policy adviser on Bush’s 2000 presidential campaign.
“The loans to Iran present Zoellick, in the first year of a 10-year term, with his first challenge between his loyalties to President Bush and his role overseeing the international institution,” the Sun observes.
Zoellick cannot overrule the bank’s executive board. But Kirk believes that if Zoellick put the loans to a vote, he would probably find a majority in favor of suspending the loans.
The largest donors behind the loans are, in order, the Americans, the Japanese, the Europeans, and the Saudis.
That’ll buy a lot of yellowcake
Makes me want to cheat on my taxes.
Challenge? More like a declaration of war. If the UN and World Bank are going to keep pulling this crap, it will be time to kick them out.
If Bush had balls this would be stopped.
OK, who's the Washington Wiesel that is allowing this to happen?
Thank heaven we’re finally getting serious with Iran.
LOL - “Oh, you’re hurting because of international financial sanctions. Here’s some US cash to tide you over.”
None of this makes sense if one skips Bilderburger meetings.
It's been time to kick them out for decades. The League of Nations was more useful.
BANKERS+MONEY= yes yes
BANKERS+AMERICA= no no
Simple arithmatic.
BANKERS+MONEY= yes yes
BANKERS+AMERICA= no no
Simple arithmatic.
You're exactly right. This makes no sense. This would be laughable if the consequences weren't so serious.
Not sure who the Wiesel is but, why does an oil rich country, need a loan of 900 million? How much does Iran owe Russia for working on nuclear plants/technology? When they get the loan from the WB and give it to Russia, than does Russia give us permission to invade Iran? Lots of speculation on my part, but what the F?!
The one thing I haven't heard is, why would anyone from the US or anywhere else expect Iran (sworn enemy of the US) to ever pay back a loan to them? This is tantamount to subverting our own sanctions and aiding and abetting terrorism. This person should be arrested asap.
None of which Iran would need to borrow money for if they made such things a priority over spending money on developing nuclear weapons and funding terrorism.
This is the same kind of B. S. they used to justify the Oil for Food scam, but there are even less controls on where the money goes.
Poor economic management. They have a monstrous inflation rate, they have to import their gasoline, and someone mentioned that they will be importing oil just like oil-rich Indonesia fairly soon.
Excuse me! I’m gonna go bang my head against the wall!
WTH would oil-rich Iran need a loan? Maybe to pay Russia off for that reactor?
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.