The International Finance Corp (IFC), the private sector lending arm of the World Bank, said that US economic sanctions against India and Pakistan resulting from nuclear weapons testing earlier this year has sidelined several of its projects, Reuters reports. The organization is eager to resume lending.
The IFC has several projects pending, the executive vice president said, that are stalled due to US pressure. However, the World Bank continues to fund humanitarian projects, which are exempt from the sanctions. The US administration is seeking approval from Congress to waive sanctions if progress is made on disarmament talks.