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WB to release another US$ 1.5 bn for SL

By: Isuru Parakrama

Colombo (LNW): The World Bank has agreed to release an aid of US$ 1.5 billion for Sri Lanka, days after the International Finance Corporation (IFC), one of the WB subsidiaries, released a forex facility of US$ 400 million for three private banks in the island nation amidst the worst economic crisis it suffers from.

The US$ 1.5 billion aid is set to be released for the next two years under several stages, and its first stage is believed to be released after Sri Lanka enters an agreement for a programme with the International Monetary Fund (IMF).

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