Lanka introduces new World Bank system to curb disaster finances

Sri Jayawardenepura Kotte, Colombo, July 12 (ANI): Sri Lanka has started a groundbreaking way of World Bank financing, whereby natural disasters would be immediately funded.

The World Bank has agreed to provide 102 million US dollars to the Sri Lankan Government, reports the Island newspaper.

Sri Lanka, in the past two decades, has faced many natural disasters. These include landslides, floods, high winds, cyclones, tsunami etc.

The Sri Lankan government is taking significant steps in escalating the public mechanism to ensure disaster management is done efficiently.

According to reports, the project is also aimed at improving physical resilience to hydro metrological events through climate flexible infrastructure.

The government also plans to focus on long-term capital development.

Around rupees thirteen billion investment opportunities are likely to be identified by the end of the exercise. (ANI)