WASHINGTON: The World Bank announced on Wednesday that it would halt all ongoing projects in Russia and Belarus in response to the invasion of Ukraine.
Citing “hostilities against the people of Ukraine”, the development lender said that it “has halted 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.
Also, no new loans have been approved for Belarus since mid-2020.” According to the website, the institution has 11 ongoing projects in Belarus with a total cost of US$1.2 billion, dealing with energy, education, transport, and the Covid19 response deal with With Russia there are only four projects, costing $370 million and dealing mainly with political issues.
The bank said Tuesday it was preparing a $3 billion aid package for war-torn Ukraine that will include at least $350 million in emergency funds, while the IMF also prepares to provide emergency aid for the country meets.