The program, which is aimed at promoting business integrity and fighting corruption, is part of a settlement reached by Siemens related to a huge corruption scandal in which the company was accused of making improper payments to secure work.
Siemens said the program will favor projects that have a direct impact on the private sector and strive to boost compliance standards and legal systems. The World Bank will have audit and veto rights over the groups receiving and the use of the funds.
Shares of Siemens were down 2.2 percent at euro60.66, or $89.17, in Frankfurt afternoon trading.
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