Sri Lanka is now eligible to borrow funds from the International Bank for Reconstruciton and Development, the World Bank’s lending arm for middle-income countries, World Bank Managing Director Ngozi Okonjo-Iweala has announced.
The decision to expand the bank’s support for Sri Lanka is in recognition of the country’s rise as a growing economy, Okonjo-Iweala explained. The move could double the amount of World Bank resources available to the country, which currently receives approximately USD200 million every year from the International Development Association, the bank’s arm for low-income countries.
Sri Lanka is still eligible for IDA funding, making it a “blend country” which can borrow from both IDA and IBRD, a spokesperson for the World Bank office in Colombo said as quoted by Agence France-Presse.
