Sri Lanka to get $900mn in World Bank aid

Sri Lanka's Prime Minister Ranil Wickremesinghe arrives with flowers to receive blessings at the Gangaramaya Buddhist Temple, Colombo, Sri Lanka on Wednesday 4 April 2018. On wednesday (4), Wickremesinghe survived a no-confidence motion in the Sri Lankan parliament with a 46 vote majority after a 12-hour debate with 122 MPs voted in his support while 76 MPs voting to remove the prime minister. (Photo by Tharaka Basnayaka/NurPhoto via Getty Images)

Oct 06, 2008 (LBO) – The World Bank will give Sri Lanka 900 million dollars in aid under its new four-year country assistance strategy aimed at achieving more balanced and equitable growth. The World Bank wants to make sure its work is not undermined by corruption and will support efforts to strengthen core governance institutions and put in place systems to ensure accountability and transparency.

She said the key to effective service delivery is accountability such as teachers who show up to school, doctors who come to the clinic and systems for citizens to voice effective complaints if teachers and doctors don’t show up.

The bank’s private sector lending arm, the International Finance Corporation (IFC) will work towards offering longer-term capital than is otherwise available in the Sri Lankan market.

The IFC will increasingly reach out to smaller clients and help develop the domestic financial market, Ishii said.

Claus Astrup, senior economist of the bank, said the CAS tries to improve the investment climate and confidence in the island economy.

Specific economic sectors that will get CAS aid include small businesses which consist of the vast majority of ente