News
01.08.2014
World Bank may freeze projects in Russia
The Big Seven countries will oppose the approval of new World Bank projects in Russia. It is reported by Bloomberg, citing the informed sources.
A decision was made by the Deputy Finance Ministers of the G7 Countries during the conference call last week.
Now, the World Bank is considering nine projects in Russia totaling USD 1.34 billion, the agency said. Among them there are projects in the field of early childhood education and improving energy efficiency. Ten more projects are under implementation and financing.
The Group of Seven Countries has more than 40% of the votes in the World Bank and can block approval of projects by the bank's Board of Directors.
The World Bank also finances projects through its subsidiary - the International Finance Corporation (International Finance Corp.), which does not work with the states, but with private companies. The IFC has four projects in Russia totaling USD 154 million.
