World Bank’s IDA to fund US$ 60 mn for Covid-19 Emergency Response | Daily News


 

World Bank’s IDA to fund US$ 60 mn for Covid-19 Emergency Response

Cabinet Spokesman, Higher Education,Technology, Innovation and Information and Mass Media Minister Dr.Bandula Gunawardene said the World Bank’s International Development Agency (IDA) had agreed to increase financial aid for Covid-19 Emergency Response.

The International Development Association of the World Bank Group has agreed to use US$ 60 million for the programs targeted at Covid-19 affected social segments. These funds are allocated from the provisions of three IDA funded projects that are not yet bonded.

The three projects are Transport Relations and Asset Management Project, Ecosystem Conservation and Management Project and the Climate Change Agro-Irrigation Development Project. In addition, the International Development Agency has agreed to provide a grant of US$ 5 million under the Transit Loan Facility and US$ 1.72 million under the Epidemiological Emergency Facility. Accordingly, Cabinet approval has been granted for the proposal presented on June 3, 2020 by the Prime Minister in his capacity as the Minister of Finance, Economy and Policy Development to accept the funds above.

Dr.Bandula Gunawardena said the International Development Agency (IDA) has agreed to provide an additional USD 22.4 million under transition assistance loans. Accordingly, the Cabinet of ministers has approved the proposal presented by the Prime Minister in his capacity as Finance, Economy and Policy Development Minister to increase the total amount of funds to be obtained up to USD 87.24 million and to use these funds for social security measures targeting the severely impacted sections of society due to Covid-19 outbreak.

The Minister said the government expects to utilize the funds for social security measures targeting the people mostly affected by the Covid-19 outbreak. 


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