Lanka Business Online

Aid Float

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
dblquote .rn

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.
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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