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| Sunday, 29 December 2002 |
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| News Business Features Editorial
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World Bank help for North-East reconstruction The International Development Association (IDA) of the World Bank will contribute US$ 31 million (Rs. 2,976 million) for emergency reconstruction in the North-East of Sri Lanka. These funds will be provided as a soft loan. The funds will be used to provide income and employment opportunities for internally displaced persons who are returning; restore health care and water supply facilities; and build institutional capacity in the North and East to implement long-term reconstruction activities. US$ 8 million from the fund will be utilized for health sector development, US$ 5 million for water sector improvement, US$ 10 million for livelihood support and the balance US$ 8 million for institutional capacity building. These funds will be channelled through the Ministry of Home Affairs, Provincial Councils and Local Government. The North-East Provincial Council will be the implementing agency. IDA will not charge an interest for the loan, but a service charge of 0.75 per cent is payable for the funds withdrawn. The loan is repayable in 30 years after 10-year grace period. The project agreement was signed in Colombo recently by Peter Harrold, Country Director of the World Bank and Charitha Ratwatte, Secretary, Ministry of Finance.
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| Editorial | Security Produced by Lake House |
