G7 decides to block all WB projects in Russia

 

Deputy financial chiefs of G7 states had a telephone conference last week and decided to block projects of the World Bank in Russia. They have 40% of votes in the World Bank, Interfax reports.The U.S. and Canada, having 20% of votes in total, had decided to decline such projects earlier.The World Bank is studying 9 projects worth a total of $1.34 billion in Russia, including projects in the sector of preschool education and energy efficiency. 10 projects worth a total of $668 million are being realized, less than a half of the sum has been granted.

 

Deputy financial chiefs of G7 states had a telephone conference last week and decided to block projects of the World Bank in Russia. They have 40% of votes in the World Bank, Interfax reports.

The U.S. and Canada, having 20% of votes in total, had decided to decline such projects earlier.

The World Bank is studying 9 projects worth a total of $1.34 billion in Russia, including projects in the sector of preschool education and energy efficiency. 10 projects worth a total of $668 million are being realized, less than a half of the sum has been granted.