News Column

Sri Lanka,United States : SRI LANKA to access US $102 million from the WORLD BANK

July 17, 2014

Sri Lanka has become the first South Asian country to access US $102 million worth of financing from the World Bank for natural disaster protection.

The World Bank agreed to provide a development policy loan to the Sri Lankan government with a Catastrophe Deferred Drawdown Option, which is a line of credit that can be drawn on partially or in full if a country declares a state of disaster.

The government decided to obtain the loan of US $110 million on concessional terms from the World Bank to implement the Climate Resilience Improvement Project.

The project involves a modelling of flood and drought risks in 9 major river basins around the country, and focuses on long term capital-development planning. The purpose of this is to assess the underlying causes of floods and droughts.

The analytical work will serve as a basis for future climate resilience investments and will help the government to understand the risk and adopt risk mitigation measures.

About 716 km of distribution canals, 399 km of flood bunds, 109 km of link-roads, and 778 distribution structures along the canals will be improved, while more than 100 of culverts and bridges will be rehabilitated.

Slope-stability reinforcing will be carried out in 18 landslide prone school premises, protecting 30,000 students from possible landslide hazards.

The World Bank believes after the implementation, a total of 450,000 people will be benefited and 11.5 million people will be benefited over the country.

For more stories on investments and markets, please see HispanicBusiness' Finance Channel

Source: TendersInfo (India)

Story Tools Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters