World Bank to loan USD 1,340 million to Sri Lanka

The World Bank

The World Bank has decided to entrust Sri Lanka a loan worth USD 1,340 million as aid to enhance financial and technological stability, for a period of three years, in effect from July 1, this year, the Finance Ministry said in a statement.

Previously, in the years 2014 till 2017, Sri Lanka received USD 660 million from this loan facility enabled by the transit cooperation facility of the International Development Association (IDA).

In addition to the loan, Sri Lanka will receive USD 300 million per year from the World Bank, International Bank for Reconstruction and Development (IBRD) and IDA for three consecutive years to aid development projects financially and to provide technological assistance to enhance analytical and instruction services in Sri Lanka.

These facts were revealed at a meeting held by Finance and Mass Media Minster Mangala Samaraweera last Tuesday with the World Bank Director to Sri Lanka and Maldives at the Finance Ministry in Colombo.

The World Bank Director further discussed ongoing and proposed development projects agreed to be funded by the World Bank, with the Finance Minister.

Furthermore the World Bank will also extend financial and technological aid to the project proposed to enhance the efficiency of government services and the Public Private Partnership (PPP) project, which will be operated under the Finance Ministry.

The society security network project funded by the World Bank is also underway.

The World Bank Director to Sri Lanka and Maldives commended Sri Lanka’s economic progress saying that despite of the economical challenges faced in the year 2016 and in first half of the year 2017, Sri Lanka’s economy is in a favourable status.

(Source: Daily News – By Shenali Godakumbura)