World Bank to increase assistance to Sri Lanka under three new operations
World Bank (WB) Vice President for South Asia Region Hartwig Schafer has reportedly said the World Bank would increase assistance to Sri Lanka under three new operations set up by the Bank.
Schafer has said the assistance will be provided for the agriculture sector faced with climatic vagaries, irrigation, renewable energy, climate resilience operations and renovation of tanks in rural areas.
He has made this observation during a meeting with Sri Lankan President Maithripala Sirisena.
Referring to the Easter Sunday terror attacks and its impact on the economy, he has stated that the World Bank would provide monetary assistance to reduce budget gap so that Sri Lanka could continue global borrowings with a sound economic footing.
President Sirisena has reportedly expressed his gratitude to the World Bank for its longstanding financial support to Sri Lanka. He made a special mention about the Bank’s support extended to Sri Lanka in the aftermath of the challenges faced due to the 21 April terrorist attack.
According to media reports, expressing contentment over the quick recovery made by Sri Lanka after the terrorist attack, the World Bank Vice President has said the global community stands by Sri Lanka at this moment of need.
Schafer is in Colombo to chair the World Bank Senior Regional Managers Meeting.
He has further noted that the Bank decided to hold its annual session in Colombo to show solidarity with Sri Lanka as the country is trying to restore normalcy after the Easter Sunday attack.
The World Bank official has also congratulated Sri Lanka for rising to the level of Upper Middle Income Country and said it’s a testimony of the country’s resilience.
OSL take:
The statement by the World Bank Vice President on the Bank’s keenness to increase assistance to Sri Lanka under three new operations formulated by the bank is indicative of the strong relations between the World Bank and Sri Lanka. It also shows the level of confidence the World Bank has on Sri Lanka as a country that has great potential and adopted the right economic policies. The World Bank recently upgraded Sri Lanka as an upper middle income country as well. Therefore, foreign businesses/investors could explore business/investment opportunities in Sri Lanka and also in the country’s development programme since funding for such endevours are easily accessed through multilateral donor agencies.
| Article Code : | VBS/AT/23072019/Z_1 |