The World Bank is suspending all its projects in Russia and Belarus

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The World Bank is suspending all its projects in Russia and Belarus

03-03-2022 08:25

The World Bank announced Wednesday that it has suspended all aid programs in Russia and Belarus with immediate effect, in response to the Russian military operation in Ukraine.

“Following the Russian invasion of Ukraine and hostilities against the Ukrainian people, the World Bank has suspended all of its programs in Russia and Belarus with immediate effect”, - the International Financial Corporation said in a statement issued at its headquarters in Washington.

In Belarus, the World Bank had committed to 11 projects totaling USD 1.15 billion. In Russia, she was carrying out 4 projects representing 370 million. The institution also stressed that it had not approved “any new loan or investment in Russia since 2014”, that is since the annexation of Crimea by Moscow.

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