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World Bank plans to double development funds

Apr 18, 2011 11:15:25 AM - itnnews.lk

The World Bank has pledged to double the development funds for Sri Lanka next year. This will be in addition to the current assistance given by the International Development Agency – the concessionary finance arm of the World Bank.

Managing Director of the World Bank Dr. Ngozi Okonjo-Iweala gave the pledge of additional development assistance to Minister Dr. Sarath Amunugama during the IMF/World Bank Spring meeting in Washington

Dr. Okonjo-Iweala reiterated the World Bank’s commitment to Sri Lanka, especially in supporting programs designed to encourage inclusive growth throughout the country. She noted the World Bank’s willingness to increase support to complement the ambitious development aspirations of doubling per capita income and growth over 8%, which will be aided by increasing private investment from both foreign and domestic sources as envisioned in the government’s vision for future. While recognizing and highly appreciating the recent developments that have been taken place in Sri Lanka, she indicated that the World Bank expects Sri Lanka as a facilitator in promoting South- South cooperation and knowledge sharing among the other countries in the region.

Dr Amunugma conveyed his appreciation to the World Bank for supporting the country’s development programme. He and the delegation discussed developments, outlook and World Bank’s assistance to Sri Lanka.