Is the World Bank subsidizing Iran's nuclear program?

According to Rich Galen ("I ran from the World Bank"), the World Bank is set to send updwards of $900 million in loans to Iran for improvements to Tehran's sewer system, earthquake relief, and health care access for rural Iranians. The loans are backed by the full faith and credit of the United States (translation: American taxpayers).

Iran has over $100 billion in oil reserves. And they are investing tons of money in their nuclear program. From Galen's email:

I am thinking very seriously about this and I come
down on the side of … no. Let the Iranian government take some of the money it is spending on its program to develop nuclear programs and spend it, instead, on a sewer project in Tehran. Either the Iranians spend that money or you and I have to spend our money.

More here.