The World Bank Group (WBG) is to extend $ 120 million in emergency support to Sri Lanka, by repurposing funds from its ongoing projects, in order to support recovery and infrastructure in healthcare, water, education, agriculture and connectivity, a statement released by the group on Monday (15) said.

The International Finance Corporation (IFC), the private sector arm of the World Bank Group, is to continue to strengthen the private sector in Sri Lanka by providing advisory support and strategic investments in the agriculture, manufacturing and logistics sectors, including extending support to MSMEs.

“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),” the statement said, referring to the ongoing efforts of the group to collect information, assess and provide a total estimate of funds needed to reconstruct damages Sri Lanka has borne, post Cyclone Ditwah.

“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.”

“Looking ahead, the World Bank Group stands ready to work with the Government to mobilise 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 programmes to accommodate the impacts of this crisis.”