The World Bank ups tsunami aid to Sri Lanka by US$ 75 mn to US$ 150 mn.

The World Bank ups tsunami aid to Sri Lanka by US$ 75 mn, taking its total contribution to re-building damaged coastal areas to US$ 150 mn. The World Bank ups tsunami aid to Sri Lanka by US$ 75 mn, taking its total contribution to re-building damaged coastal areas to US$ 150 mn.

Donors estimate that Sri Lanka needs about US$ 1.5 bn to US$ 1.6 bn to rebuild damaged houses, infrastructure and reactivating delivery of basic services.

Up to US$ 30 mn of the US$ 75 mn approved is in grant form, with the balance in the form of credit from the Bank’s lending arm, the International Development Association (IDA).

The World Bank says its lending program will be flexible as other donors come to the table, stepping in where there are gaps in financing.

“What Sri Lankans need now is the best possible deal and our program is designed with that flexibility as a central tenet,” World Bank Country Director, Peter Harrold said in a statement.

The rebuilding project will finance housing, roads, water supply, other infrastructure, livelihood support, training and capacity building.

“While it is anticipated that the recovery and re