World Bank ends projects in Russia, Belarus

ABS-CBN News, Agence France-Presse

Posted at Mar 03 2022 10:42 AM

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The World Bank on Thursday said it halted all projects In Russia following the Russian invasion of Ukraine. The multilateral lender said it had also stopped all programs in Belarus.

Citing the "hostilities against the people of Ukraine," the development lender said 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 to or investments in Russia since 2014. There has also been no new lending approved to Belarus since mid-2020."

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.

With Russia, there are just four projects costing $370 million, which largely deal with policy issues.

The bank on Tuesday announced that it is preparing a $3 billion aid package for war-torn Ukraine, which will include at least $350 million in immediate funds, while the IMF also is preparing to provide emergency assistance to the country.

- With Agence France-Presse