World Bank's IFC still disbursing funds in Ukraine despite war, chief says

World Bank
# 26 May 2022 00:05 (UTC +04:00)

The World Bank's investment arm has continued disbursing funds to some private firms in Ukraine despite the war there and is looking to finance efforts to re-orient the country toward "greening" its economy, the head of the unit said on Wednesday, APA reports citing Reuters.

"In spite of the war, we have continued disbursing to some companies," Makhtar Diop, managing director of the International Finance Corp, said on the sidelines of the World Economic Forum in Davos. "And so our commitment has been sustained."

Diop, who last year became the first African to run the World Bank's private-sector unit, also told Reuters in an interview that the IFC was keen to arrange capital for companies that can help pivot Ukraine's financial sector from its "energy intensive" focus. IFC is working with "a lot" of small-to-midsize businesses and "three or four" banks to push that effort ahead, he said.

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