World Bank supports road improvements in Sri Lanka
The World Bank said yesterday that it approved a credit of US$ 98 million from its concessionary lending arm, International Development Association (IDA) in additional finance to support the Sri Lankan government's efforts to improve its national highways, designed to lower transportation costs and travel times. The additional finance will be mostly used to cover cost-overruns mainly due to the unprecedented oil price increase in the world market that has led to the escalation of prices in oil-based materials, a press release from WB said.