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..The United States and European Union began easing some economic sanctions against Iran on Monday, 20 January 2014, as Tehran announced that it has ceased certain nuclear activities that it agreed to halt as part of its breakthrough deal with western powers...

White House spokesman Jay Carney said that Washington will follow through on a commitment to provide sanctions relief.

As part of the deal, Iran will gain access, in installments, to roughly $4.2 billion of its restricted reserve funds over the next six months. The funds will be dispersed as Iran makes progress in completing its dilution of 20% enriched uranium.

Another $2 billion will come as a result of loosening some trade restrictions in the petrochemical, precious metals and auto industries. Iran is also expected to receive some relief that will allow it to make payments for humanitarian goods, university tuition assistance for Iranian students abroad and Iran's U.N. obligations.

The World Bank projects that Iran's real 2014 GDP is expected to grow by 1% after a recession in 2012 and 2013. The Iranian economy is further projected to grow by 1.8% in 2015 and another 2% in 2016, according to the report.

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