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World Bank gives Sri Lanka US$56mn in emergency CERC funds for Coronavirus battle

ECONOMYNEXT – Washington-based World Bank is providing Sri Lanka 56 million US dollars to take forward its fight against Coronavirus under several program, Information Minister Bandula Gunewardene said.

Many World Bank loans have a Contingent Emergency Response Component (CERC) which can be released in an emergency.

“The World Bank is giving 56 million US dollars under concessional terms several programs for the fight against Covid-19,” Minister Bandula Gunewardene said.

“The cabinet of ministers had given the approval to sign these agreements.”

The proposal was submitted by Prime Minister Mahinda Rajapaksa in his capacity as Finance Minister.

Money will be released under several programs.

Minister Gunewardene said 17 million would come from regional development program, 15 million from an educational modernization program, 9 million dollars from a primary health and another 15 million dollars from a climate change program. (Colombo/June19/2020)