World Bank approves loan worth USD 128.6 mn to Sri Lanka

World Bank approves loan worth USD 128.6 mn to Sri Lanka

World Bank approves loan worth USD 128.6 mn to Sri Lanka

Written by Staff Writer

03 Apr, 2020 | 10:50 am

COLOMBO (News1st): The World Bank on Friday announced that it has approved a 128.6 million dollar loan to assist Sri Lanka in combatting COVID – 19, as reported by News1st on Wednesday.

Issuing a statement, the World Bank said the package “will prioritize stopping or slowing the spread of the virus, reducing case numbers, and preventing outbreaks in communities”, the statement said.

The financial package includes a 35 million dollar loan for the International Bank for Reconstruction and Development and a 93.6 million dollar credit from the International Development Association.

The support, granted for the Sri Lanka COVID-19 Emergency Response and Health Systems Preparedness Project, is expected to scale up emergency response mechanisms, strengthen the health sector, and raise public awareness regarding the pandemic.

“The World Bank is working closely with the Government of Sri Lanka to contain the spread of COVID-19 and prepare the country for potential future disease emergencies,” Idah Z. Pswarayi-Riddihough, World Bank Country Director for Sri Lanka was quoted as saying in the statement.

The first Bio Safety Level 3 laboratory will be developed at the National Medical Research Institute at which COVID-19 patients are being treated, through these funds, the World Bank added.

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