The World Bank has said that Sri Lanka has sought US$ 500 million in financial aid for its post-war economic recovery.
The Bank has said its assistance could complement the bilateral loans being negotiated by the country with countries like India and China.
World Bank Managing Director Ngozi Okonjo-Iweala, who visited Sri Lanka on a two day visit met with President Mahinda Rajapaksa and pledged increased support for the country.
At the end of her two-day visit, Okonjo-Iweala told the media that Sri Lanka sought US$ 500 million in financial assistance in 2011.
The Managing Director added that Sri Lanka will be able to draw up to US$ 465 million next year as the country was now eligible for commercial loans through the International Bank for Reconstruction and Development (IBRD), which is an arm of the World Bank.
However, Sri Lanka will be entitled to draw from the Bank’s concessionary arm, the International Development Association (IDA), for about three more years.
According to Okonjo-Iweala, while Sri Lanka will be able to have a combination of IDA and IBRD loans, Bank’s credit to the country could increase to US$ 465 million from US$ 200 million next year.