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World Bank to fund power

by Ravi Ladduwahetty

The World Bank has assured the Government that it would provide funding for power projects under an International Development Agency credit line if the Government prepare a viable development plan, Finance Minister K. N. Choksy told the Daily News yesterday.

This assurance follows a discussion World Bank Country Director in Sri Lanka Mariana Todrova had with Finance Minister K.N. Choksy earlier this week on new sources where by hydropower could be generated to supply specific areas the area in a decentralised system.

The World Bank Country Director also stressed the need for adequate power supplies for the country's industrial development projects.

The World Bank stands committed to assisting the Sri Lankan Government in the confidence that there will be sustained good governance. The Bank is confident that Sri lanka's economic outlook would improve substantially with proper management and supervision of internationally funded projects, Mrs. Todrova has told the Finance Minister.

Attention has also been drawn to providing assistance for education housing and agriculture, Minister Choksy said.

Ms. Todrova also told Minister Choksy about the need for reduction of allocations for education by creating private educational institutions and also private universities.

She said that the Bank was committed improving the quality of education in rural areas where people could not pay for education.

Ms Todrova stressed that the bank would also consider assisting agriculture, particularly in the areas of vegetable cultivation, provided that farmers were to be made owners of these lands, currently held by them under state terms. The Minister had agreed that the purpose of land settlement was being defeated by the occupants not being made the legal owners of their settlement.

They were unable to obtain facilities from financial institutions and the Lands Ministry is currently preparing a scheme with built-in provisions to prevent fragmentation of ownership.The World Bank funding for the agricultural sector is aimed at bringing down the Cost of Living.

This will be to increase local production and then production for export at a later date, the Minister said.

The World Bank has also assured its support for housing development provided that the ownership of the houses were with the settlers.

World Bank's Chief Economist for the South Asian Region and Director Operations were expected in Sri Lanka yesterday to discuss the funding which will be followed by the arrival of a team from the Bank in Colombo next week.

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