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Surpassing the USD 2000 per capita income, Sri Lanka is no longer an underdeveloped country and as a result not qualified for International Development Association (IDA) loans that provide interest free financial assistance to underdeveloped countries, Dr. Ngozi Okonjo-Iweala, Managing Director of the World Bank Group stated.

She made this statement when she called on President Mahinda Rajapaksa at Temple Trees today (17).

Instead, the World Bank will consider providing a commercial loan of USD 265 million from International Bank for Reconstruction and Development, she said.

International Bank for Reconstruction and Development (IBRD), an arm of the World Bank aims to reduce poverty in middle-income and creditworthy countries by promoting sustainable development through loans, guarantees, risk management products, and analytical and advisory services.

`The World Bank has been an active partner in supporting Sri Lanka in its transition from a low income country in conflict to a middle income country in peace`, said Dr. Okonjo-Iweala.

The post-conflict environment provides an opportunity to build on our relationship to support the government`s vision to firmly establish the country`s place in the ranks of fast growing middle income countries, she said.

In addition to funding, she said the World Bank is willing to share knowledge and expertise with Sri Lanka regarding urban development.

Foreign Direct Investment is vital for any middle income country to achieve its economic targets, she added.

She also emphasized the importance of seeking alternative energy sources as the world is on the brink of an energy crisis.
Deputy Minister of External Affairs Geethanjana Gunawardena, Secretary to the President Lalith Weeratunga and Governor of the Central Bank Ajith Novard Cabrall were also present at the dicussion.

Sri Lanka said keen on public-private partnerships
Dec 13, 2010 (LBO) – Sri Lanka is keen on partnerships between the public and private sectors in developing its economy, the International Finance Corporation, which is supporting the initiative, said in a statement.

“Sri Lanka is actively considering options to increase private participation in development,” it quoted Sarath Amunugama, Sri Lanka’s Senior Minister of International Monetary Cooperation as telling a forum.
“A sustainable public-private partnership model is an important part of our framework for economic growth and infrastructure development.”

The IFC, a member of the World Bank Group, said it is working with policymakers and private sector players to help meet Sri Lanka’s ongoing development agenda through public-private partnerships.

The forum held in Sri Lanka Monday was part of a series of IFC-led events in South Asia to identify and address concerns and challenges related to public-private partnerships among stakeholders, it said.

The event brought together specialists and expert speakers from around the world and was attended by officials of ministries and public sector departments of health, transportation, and municipal infrastructure and other multilateral partners.

“Improving quality of services in Sri Lanka, gaining efficiencies, and boosting economic growth through private participation in social and physical infrastructure were part of the discussions,” the IFC said.

“Long lasting public-private arrangements receive public ownership while generating interest among local private sector players and other development partners with shared goals,” said Vipul Bhagat, Manager of IFC Advisory Services for Public-Private Partnerships in South Asia.

The Sri Lankan government is committed to facilitating the transition necessary to boost the country’s economic growth and build on development fundamentals, the IFC statement said.

“Public-private partnership activity can make an important contribution to help address the country’s immediate infrastructure needs and garner needed funding for the purpose.”