In reaction to the invasion of Ukraine, the World Bank stated on Wednesday that all of its active projects in Russia and Belarus will be halted.
The development bank stated it “has terminated all its activities in Russia and Belarus with immediate effect,” citing “hostilities towards the people of Ukraine.”
The bank funds infrastructure projects and advises members on policy, but “has not authorised any new loans to or investments in Russia since 2014.” Since mid-2020, no additional lending to Belarus has been permitted.”
According to the website, the institution is now working in Belarus on 11 projects for a total of $1.2 billion in energy, education, transportation, and Covid-19 response.
With Russia, there are just four initiatives totaling $370 million, all of which are primarily policy-related.
The bank stated on Tuesday that it is planning a $3 billion aid package for war-torn Ukraine, which would include at least $350 million in emergency cash, and that the IMF is also ready to assist the nation.