World Bank vows to extend full assistance to Lanka

The World Bank has vowed to extend its full support to Sri Lanka.

This came after the meeting yesterday between new World Bank Country Director Dr Idah Pswarayi- Riddihough and Sri Lanka's Finance Minister Ravi Karunanayake.

Dr Idah Pswarayi- Riddihough, who is scheduled to assume duties of the World Bank Country Director in August 2016, stated that Colombo is successfully facing economic challenges, reports Colombo Page.

Dr Riddihough, who has been with the World Bank since 1995, has worked on sustainable development issues spanning across South Asia, Northern Africa and the Middle East, East Asia and the Pacific and Africa.

Incumbent World Bank Country Director Franñoise Clottes also participated in the meeting.

The World Bank's total assistance for city development activities in Sri Lanka was US$ 202 million.

Under the Strategic Cities Development Project, US $ 147 million was provided for Kandy and Galle development activities. The loan was granted at a very low interest rate under a long period of repayment.

Last year, the global lender has granted US$ 155 million for development activities in the country. In addition, it has pledged to grant additional US$ 233 million for the development activities within the next few years.