World Bank to Focus on Large Transformational Projects
In a meeting with the World Bank’s Executive Director for Sri Lanka, India, Bangladesh and Bhutan Mr. Mukesh Prasad yesterday (July 15), President Mahinda Rajapaksa urged the Bank to focus more on large core projects rather than smaller projects that have a lesser impact.
Mr. Prasad agreed and said that the World Bank too has begun to focus more on larger “transformational projects that have a direct bearing on the goals of the country.”
An example of a successful Bank-funded project is the work done on urban development in Colombo, which has helped lessen the flooding that the city used to experience, the President said. President Rajapaksa also requested Mr. Prasad’s assistance in accelerating the project approval process, noting that it currently takes a very long time for the project documentation to be processed, which causes further delays to the project’s implementation.
While noting that current Bank-funded projects are progressing well, Mr. Prasad said, “It should be possible to do more.”
Also present at the meeting were Secretary to the Treasury Dr. P.B. Jayasundera and President’s Chief-of-Staff Mr. Gamini Senarath.
(Courtesy: President Media)
Latest Headlines in Sri Lanka
- Creditor nations likely to agree on Sri Lanka debt restructuring – report November 29, 2023
- Netherlands returns six looted colonial-era artefacts to Sri Lanka November 29, 2023
- Sri Lanka needs $100 billion to become net zero emitter by 2040, president says November 29, 2023
- 40 Government hospitals in Sri Lanka closed and another 100 about to close November 28, 2023
- October sees 20% decline in apparel exports from Sri Lanka November 28, 2023
