World bank blocks all projects in Russia???
The World bank announced on tuesday that it is giving a $3 billion aid package to help Ukraine. The World bank has announced to stop all its programs in russia and belarus with immediate effect. It has taken this step because of Moscow's military operation in ukraine and hostility towards the people there.
A large number of countries, organizations, and companies are severing their ties and imposing sanctions on Russia's attack on ukraine and belarus giving it support.
The Washington-based World bank said in a statement on Wednesday, "The World bank Group has not approved new investments or loans in russia since 2014. No new loans have been granted to belarus since mid-2020."
"Because russia invaded ukraine and its hostility towards the people of ukraine, the World bank Group has suspended all its programs in russia and belarus with immediate effect," the statement said.
The move was criticized by World bank President David Malpass after russia attacked Ukraine. As per the information, World bank has been a long-time partner with ukraine so they will stand with them in this hard time. Following Russia's attack, the United Nations declared an emergency contribution of $20 million to extend UN humanitarian movements in Ukraine.
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