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World Bank to manage $50B G7 credit fund for Ukraine

World Bank to manage $50B G7 credit fund for Ukraine Photo: World Bank head Ajay Banga (Getty Images)

World Bank President Ajay Banga has agreed to manage the G7 credit fund for Ukraine, backed by revenues from frozen Russian assets, Reuters reports.

Banga attended the meeting of G7 finance ministers, where the credit for Ukraine was discussed.

He stated that the World Bank has extensive experience managing similar non-military donor funds, including for Afghanistan, and can replicate this experience to provide a loan to Ukraine.

"All I know is that if they (the G7 countries) do decide to give it to us, would I be ready? Yeah," Banga said.

He noted that he has not yet been approached with such a request. The World Bank president also emphasized that he is participating in the G7 discussions on financing Ukraine.

Credit for Ukraine from the G7

According to Bloomberg, G7 countries are considering the U.S. idea of using frozen Russian assets for the benefit of Ukraine.

Washington proposes to allocate a $50 billion loan to Ukraine and to use the revenue from Russian assets to provide more funds, with future income covering these costs.

On May 25-26, a meeting of the G7 finance ministers is being held in Italy, where the possibility of providing a loan to Ukraine is also being discussed. Today, Ukrainian Finance Minister Serhiy Marchenko will join them.