Location Greece Greece

Politico: Greece Requests Loan From World Bank

Greece has requested a loan from the World Bank even though it is in the middle of negotiations with international creditors on the bailout program review, Politico says.

“The government of Greece has asked the World Bank to provide technical and financial assistance to address pressing challenges including: long-term unemployment, economic competitiveness and growth and social protection,” a spokesperson from the World Bank told Politico.

“In accordance with World Bank procedures, any final decision on providing loans would be subject to approval by the bank’s board of executive directors,” the official’s statement continued.

According to the Politico report, the World Bank declined to specify how much money Greece is purported to have requested.

Politico also cited an unnamed Greek government source who did not confirm the alleged request for a loan. “Preliminary talks have taken place indeed with [the World Bank] but we cannot confirm official application,” the source said.

Greece’s creditors “are not too happy about” the fresh request for funds, an EU official was quoted as saying.

The World Bank (WB) is a component of the World Bank Group, which is part of the United Nations system. It provides loans to developing countries for capital programs. It comprises two institutions: the International Bank for Reconstruction and Development (IBRD), and the International Development Association (IDA).

The World Bank’s stated official goal is the reduction of poverty. According to its Articles of Agreement, all its decisions must be guided by a commitment to the promotion of foreign investment and international trade and to the facilitation of capital investment.

greece.greekreporter.com/2017/03/03/politico-greece-requests-loan-from-world-bank/

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