Turning 50

Sri Lanka and the World Bank sealed half-a-century of cooperation on Friday by inking another large-scale development aid package.
Sri Lanka joined the World Bank in 1950 and singed its first loan agreement with the International Development Bank on July 9, 1954. rn

The loan for US $ 19.1 mn, was for the construction of the Aberdeen-Luxapana hydropower complex, that now contributes 335 MW of electricity to the national grid. rn

On Friday the World Bank awarded Sri Lanka its largest grant to the island to commemorate 50 years of collaboration. rn

The US$ 60 mn grant, that will go towards supporting government plans to improve the local health sector, is the World Bank 94th project in the island. rn

The total cost of the health sector development project is about US$ 69.2mn with a government contribution of US$ 9.2mn. rn

The focus is on improving preventive health care services. rn

Speaking at the signing ceremony on Friday, World Bank Country Director, Peter Harrold said the grant also repre