In response 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 programs in Russia and Belarus with immediate effect,” citing “hostilities towards the people of Ukraine.”
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 is now working in Belarus on 11 projects worth a total of $1.2 billion in energy, education, transportation, and Covid-19 response.
With Russia, there are only 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 will include at least $350 million in emergency cash, and that the IMF is also ready to assist the country.
