Industry & Economy
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Natural Calamities
World Bank to contribute $250 m for tsunami-hit nations
Our Bureau
New Delhi
,
Dec. 31
THE World Bank has announced that it would make available $250 million as its initial contribution for emergency reconstruction in the immediate aftermath of the tsunami disaster.
This amount will cover the next six months while further financing for longer-term reconstruction needs is identified.
The Executive Directors of the World Bank Group discussed the crisis affecting Asia and Eastern Africa on December 30 in Washington at the Bank's headquarters.
The Bank management was requested to consider additional ways to further increase its support, as the needs are determined.
The $250 million can be made available quickly from the existing programmes, and will include the provision of emergency credits and grants to respond to the immediate needs in the countries hit by this disaster. Countries that have requested immediate assistance include Indonesia, Maldives and Sri Lanka.
The World Bank is in direct contact with affected governments and development partners, including the United Nations, the Asian Development Bank, the Japan Bank for International Cooperation, and other donors, to ensure a coordinated approach.
Its experts across different sectors are working closely with Government officials and experts from other agencies to plan for a quick assessment of the damage in these countries and prioritise the reconstruction efforts.
To ensure the coordination of emergency efforts within the UN framework, the World Bank President, Mr James D. Wolfensohn, took part in conference calls between the UN Secretary-General, Mr Kofi Annan, heads of UN agencies, ambassadors of affected countries, and the core donor support group.
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