The World Bank Group has decided to provide US$120 million in emergency support to cyclone-hit Sri Lanka, by repurposing funds from ongoing projects.
Responding to the Government’s request, the World Bank said on Monday the funds will support recovery and help restore essential services and infrastructure—including health care, water, education, agriculture, and connectivity—in the areas hit hardest by the cyclone.
“The World Bank is deeply saddened by the devastation caused by Cyclone Ditwah in Sri Lanka. Our thoughts are with the people who have lost loved ones, homes, and livelihoods, and with the communities now facing immense hardship. We commend the remarkable resilience shown by Sri Lankans in the face of this disaster and the Government’s swift action to save lives and launch recovery efforts,” it said in a statement.
The International Finance Corporation (IFC), the private sector arm of the World Bank Group will continue to strengthen the private sector by providing advisory support and strategic investments in key sectors—such as agriculture, manufacturing and logistics, including support to MSMEs—to create jobs and drive economic recovery.
To guide recovery efforts, a Global Rapid Post-Disaster Damage Estimation (GRADE) assessment is already underway in partnership with the Global Facility for Disaster Risk Reduction (GFDRR). This rapid assessment will provide credible estimates of disaster impacts to inform early decisions and help target response and recovery efforts. The bank is also working closely with the Government as it plans the broader recovery, including the creation of the new “Rebuilding Sri Lanka” Fund and the next phase of post-disaster needs assessments.
“We are inspired by how communities across the country have come together to support each other during this difficult time,” said Gevorg Sargsyan, World Bank Group Country Manager for Sri Lanka and Maldives. “The World Bank Group is committed to helping Sri Lanka restore livelihoods, accelerate economic recovery, and rebuild stronger, safer, and more resilient communities.”
Looking ahead, the World Bank Group stands ready to work with the Government to mobilise additional resources based on the findings of the GRADE assessment and the financing needs for recovery and resilient reconstruction. “We will also make necessary adjustments in our future programmes to accommodate the impacts of this crisis,” it said.
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Prime Minister Hairni Amarasuriya will lead the Sri Lanka delegation to the World Economic Forum‘s Annual Meeting in Davos, Switzerland later this month. She will be accompanied by Deputy Minister of Finance Anil Jayantha and Foreign Ministry officials.
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