More Money

The World Bank on Thursday approved a US$160 million package of assistance to develop Sri Lanka’s roads and education. The World Bank on Thursday approved a US$160 million package of assistance to develop Sri Lanka’s roads and education. Up to US$100 million credit from World Bank’s International Development Association (IDA) will finance development of national road networks and a US$60 million grant will support the education system.

“The Road Sector Assistance Project will help lower transportation cost by ensuring an efficient national road system that serves the needs of all Sri Lankans,” said a statement from the World Bank.

It will improve 620 km of national roads and reduce national highways in poor condition from 52 percent in 2005 to 35 percent in 2010.

Sri Lanka has among the highest density of rural roads in the developing world, and the project will support innovative pilot schemes for rural roads maintenance in three provinces.

In addition, the Government of Sri Lanka will increase annual maintenance expenditure from a projected US$13 million in 2005, to US$30 million in 2006,