Sri Lankas cash float just got heavier, with the World Bank upping its aid from US$ 800 mn to US$ 1 bn over the next four years.
rnldblquote For the next two years we are allowed to increase our commitment from US$ 200 mn a year to US$ 300 mn, taking the four year total to US$ 1 bn
dblquote , World Bank Country Director Peter Harrold, said Wednesday.rn
rnldblquote Of this US$ 300 mn over the next 12 months we can commit US$ 140 mn in grants, with the balance on usual terms of zero interest, payable over 40 years
rnThe World Bank in April, already pledged US$ 800 mn over the next four years from 2003, under its Country Assessment Strategy.rn
rnThis is five times the Banks average lending of US$ 60mn a year over the past 5years. About US$ 160 mn was disbursed over the 12 months ended June 30 2003.rn
rnThe increased cash injection of US$ 200 mn, rides on peace and Sri Lankas newly acquired reputation for commitment to economic reform and so far, for lquote getting the job done.rn