New WB Country Director reiterates support

From left: New World Bank Country Director Dr. Idah Pswarayi-Riddihough,incumbent World Bank Country Director Francoise Clottes and FinanceMinister Ravi Karunanayake at the Finance Ministry premises yesterday

The World Bank (WB) reiterates that it is prepared to extend its full assistance towards Sri Lanka. The new World Bank Country Director Dr. Idah Pswarayi- Riddihough stated this when she met Finance Minister Ravi Karunanayake yesterday at the Finance Ministry premises

Dr. Pswarayi-Riddihough stated that Sri Lanka was facing economic challenges successfully and marching forward effectively.Dr. Pswarayi- Riddihough is a Zimbabwean national. She joined the World Bank in 1995. She holds a PhD degree in natural resources/forestry from Oxford University and has served as Director Operational Services and Quality in the South Asian region. Dr. Riddihough is scheduled to assume duties in August 2016. Incumbent World Bank Country Director Francoise Clottes and Finance Ministry Secretary Dr. R.H.S. Samaratunga also participated in the meeting. The total World Bank assistance provided for city development activities in Sri Lanka was US $ 202 million.

Earlier, US $ 147 million was provided for Kandy and Galle development activities under the Strategic Cities Development Project. This loan was granted at a very low interest rate under a long period of repayment. Also, the multilateral lender granted US $ 155 million for development activities in Sri Lanka during the year 2015. In addition, it has pledged to grant additional US $ 233 million to Sri Lanka for the development activities within the next few years.