The World Bank stops all its projects in Russia and Belarus

Earlier, the bank announced that it was preparing a $3 billion aid package for war-torn Ukraine.

Washington:

The World Bank announced on Wednesday that it was ending all its ongoing projects in Russia and Belarus in response to the invasion of Ukraine.

Citing “hostilities against the Ukrainian people”, 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 or investments in Russia since 2014. No new loans have also been approved in Belarus since mid-2020″.

According to the website, the institution has 11 ongoing projects in Belarus at a total cost of $1.2 billion, which deal with energy, education, transport and Covid-19 response. .

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

The bank announced on Tuesday 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 is also preparing to provide support. emergency aid to the country.

(Except for the title, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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