World Bank approves $900 mln facility

The World Bank Board of Directors on Thursday approved the $900 million-worth, Country Assistance Strategy (CAS) for Sri Lanka, a rolling four-year programme which starts in July 2008, on completion of the previous 4-year programme.

Responding to an email query from The Sunday Times FT, World Bank’s Country Director Naoko Ishii – currently in Washington – said the "CAS covering next four years starting July 2008 with US$ 900 million was fully endorsed at the Board with overwhelming support.”

She said the Executive Directors endorsed the three strategic objectives of the CAS, namely: (i) achieving more equitable development through accelerated rural development; (ii) accelerating growth through increased investment in infrastructure; and (iii) strengthening public service delivery.

She said the directors “supported the explicit emphasis in the CAS to provide assistance in a conflict sensitive manner.”
Late last month, Praful Patel, Regional Vice President, South Asia of the World Bank, told reporters in Colombo that the World Bank board was meeting to approve the CAS which was finalised after consultations with a cross-section of society including government officials, farmers and the media.