Sri Lanka to get US$900mn from World Bank for regional growth

CEAT Kelani Holdings Managing Director Ravi Dadlani (right) and Lanka Ashok Leyland CEO Umesh Gautham exchange the OEM agreement

June 13, 2008 (LBO) – Sri Lanka could get 900 million US dollars from the World Bank over the next three years to build infrastructure in lagging regions, improve health, education and safety nets, the multilateral lender said. The World Bank’s executive directors had endorsed a country assistance strategy (CAS) covering the period from July 2008 to June 2011, which is aligned to the current administration’s Mahinda Chinthana 10-year economic framework.

The program will expand economic opportunities in lagging regions by rehabilitating roads, irrigation networks, and water supply and improve the investment climate and competitiveness to encourage private sector investments, the World Bank said.

It will also improve the quality services and accountability to improve education, health, social safety nets, and environmental protection.

The lender said the credits would be from the concessional International Development Association (IDA), window which will have 20 years to maturity, a 10-year
grace period and zero interest.

The strategy was developed after consultations with the government and a broad cross section of Sri Lankan society, the lender said.

“The assistance strategy aims to sustain t

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