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Russia refuses to participate in World Bank’s further capitalization

Russia Materials 22 April 2018 13:08 (UTC +04:00)
Russia has refused to participate in the further capitalization of the World Bank (WB), as the country doesn’t agree with the new principles of the bank’s credit policy, as a result of which the biggest and most reliable borrowers of the bank - India and China, may stop supporting it
Russia refuses to participate in World Bank’s further capitalization

Baku, Azerbaijan, April 22

Trend:

Russia has refused to participate in the further capitalization of the World Bank (WB), as the country doesn’t agree with the new principles of the bank’s credit policy, as a result of which the biggest and most reliable borrowers of the bank - India and China, may stop supporting it, Russian Deputy Finance Minister Sergei Storchak said, TASS news agency reported.

For Moscow, this means that its share in the WB capital and, accordingly, the number of votes in the board of directors may be reduced, he noted.

At the same time, because of the bank’s current policy, the organization may lose financial stability, he added.

At the same time, he reminded that projects in the poorest countries can hardly be called profitable, and the WB, like any other credit organization, must earn money.

He reminded that the WB refused to finance projects in Russia.

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