The World Bank is final with the decision to stop all its programs in Russia and Belarus with immediate effect.
International financial institutions that offer loan services as well as grants to the governments of these low- and middle -income countries, made such a decision in the wake of Russia's actions under Vladimir Putin's invasion of Ukraine.
According to a statement from The World Bank, they have not approved any new loans or investments to Russia since 2014, during the crisis Russia took over the territory of Crimea in Ukraine.
He added that they also did not approve any new loans to Belarus since mid -2020, during the US sanctions on the country in connection with the disputed presidential election.
For the record, the World Bank has provided a loan of $ 308 million to Belarus in 2020, with active projects including biomass warming projects, forestry development work and educational modernization.
In addition, the World Bank has also lent more than $ 16 billion to Russia since the early 1990s, with the most recent projects approved being a youth program in the North Caucasus in 2013 and a cultural heritage program in 2010.
Returning to the original topic, the decision was made by the World Bank a day after World Bank and International Monetary Fund leaders said they would provide billions of dollars in additional funding to Ukraine in the face of war situations and warned that the crisis could 'spill over' to other countries.
The World Bank is now joining the European Union, the US, Britain and other countries in acting to impose sanctions on Russia including its president Putin.
