| We are lending to Iran because it is a member country, and faces many daunting challenges, particularly in the areas of water supply and sanitation, waste management, community development, transport, and education. At present, we are preparing a Country Assistance Strategy (CAS) for Iran, which is our roadmap for assistance to a given country. Our overarching objective is to support the country's economic transition and structural reform agenda toward a more open economy, sustainable growth with improved income distribution. As of November 2005, Iran's active portfolio consists of nine projects, namely: Second Primary Health Care & Nutrition (US$87 million), Tehran Sewerage (US$145 million), Environmental Management Support Program (US$20 million), Earthquake Emergency Recovery (US$180), Northern Cities Water Supply & Sanitation Project (US$224), Alborz Integrated Land and Water Management Project (US$120), Bam Earthquake Emergency Reconstruction Project (US$220), Ahwaz & Shiraz Water Supply and Sanitation Project (US$279), Iran Urban Upgrading and Housing Reform Project (US$80). In addition, the Multilateral Investment Guarantee Agency (MIGA) in December 2005 issued $122 million in guarantee coverage for a joint venture petrochemical project, its first coverage for a project in the country. This project is aligned with MIGA's priority of supporting investments among developing countries.
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