Washington: The World Bank announced on Wednesday that it was stopping all of its ongoing projects in Russia and Belarus, in response to the invasion of Ukraine. Citing the ‘hostilities against the people of Ukraine’, the bank declared that it has stopped all its programs in Russia and Belarus with immediate effect.
The bank finances infrastructure projects and provides policy advice to members, but has not approved any new loans or investments in Russia since 2014. Earlier on Tuesday, the bank had announced that it is preparing a $3 billion aid package for war-torn Ukraine, which will include at least $350 million in immediate funds. The IMF also is preparing to provide emergency assistance to the country.
According to the website, the institution has 11 ongoing projects in Belarus for a total cost of $1.2 billion, and which deal with energy, education, transportation and Covid-19 response. There has also been no new lending approved to Belarus since mid-2020. With Russia, there are just four projects costing $370 million, which largely deal with policy issues.