World Bank President Ajay Banga Offers to Manage Fund for Ukraine’s Economic Recovery

In an interview on the sidelines of a meeting of Group of Seven finance ministers in northern Italy, World Bank President Ajay Banga expressed his willingness to manage a fund for Ukraine that would disburse a G7 loan based on the earnings from frozen Russian assets for non-military purposes. Banga stated that the World Bank has experience in managing similar donor fund facilities for countries like Afghanistan and could replicate this work for Ukraine.

During the meeting, Banga mentioned that he has not been approached by the U.S. Treasury or G7 governments yet regarding a loan for Ukraine, but he is prepared to do so if the opportunity arises. He clarified that he is not part of the G7 discussions on Ukraine financing, but he expressed confidence in his ability to manage a fund of this type if given the chance.

Banga emphasized the need for safeguards and ensuring that the funds are used appropriately, even though he is not directly involved in current discussions about Ukraine’s financing. He believes that with proper management, such a fund can be an effective way to help Ukraine recover from its current economic challenges.