World Bank confirms US$120 million in emergency support to Sri Lanka
– In response to the Government’s request, the World Bank is making up to US$120 million in emergency support available by repurposing funds from ongoing projects, the World Bank said today.It said in a statement that this 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 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, the World Bank further said.”The World Bank Group 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.
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. We are 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,” the statement added.“Our hearts go out to every Sri Lankan affected by Cyclone Ditwah. 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 mobilize 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 programs to accommodate the impacts of this crisis.
The World Bank Group is committed to making sure support reaches those who need it most—quickly, transparently, and effectively. We are putting robust oversight mechanisms in place with implementing agencies and local authorities. At the same time, we continue to coordinate closely with development partners to ensure that our collective efforts have the greatest possible impact and help Sri Lanka recover and rebuild for the long term.
