World Bank (Washington, DC)
3 November 2004
press release
Washington, DC — Effective November 2, 2004, the World Bank has placed all International Bank for Reconstruction and Development (IBRD) loans and International Development Association (IDA) credits to, or guaranteed by, the Republic of Côte d'Ivoire in non-accrual status.
This action has been taken in accordance with the World Bank's established policy of placing all its IBRD loans and IDA credits to, or guaranteed by, a country in non-accrual status if payment on any loan or credit is overdue by more than six months.
The overdue payments owed by the Republic of Côte d'Ivoire to IBRD total US$64.2 million. The principal amount outstanding on all IBRD loans was approximately US$443 million equivalent, or 0.4 percent of IBRD's total outstanding loans on September 30, 2004. Overdue payments to IDA are US$16.7 million equivalent, with total IDA credits outstanding of US$1.8 billion equivalent on September 30, 2004.
All overdue payments to IBRD and IDA must be cleared before any new loans/credits can be extended or disbursements on already approved loans/credits can be resumed.
The effect on IBRD of the Republic of Côte d'Ivoire's loans entering non-accrual status is a charge to income of about US$235 million. IBRD's operating income for the fiscal year ended June 30, 2004 was US$1.7 billion.
As of September 30, 2004, the aggregate principal balance of IBRD loans outstanding to countries with loans in non-accrual status was US$3.2 billion, or 2.9 percent of IBRD's total outstanding loans. Total overdue interest and principal payments on these loans were US$770 million.
For more information on the World Bank's work in Cote d'Ivoire visit: http://lnweb18.worldbank.org/AFR/afr.nsf/23cdc5b1332c2598852567cf004d8610/79e3d7ef81d22a6c852567d1004b5356?OpenDocument
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