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IFI governance

News

World Bank tsunami response

3 February 2005

Shortly after the tsunami the Bank committed an initial $250 million for emergency reconstruction, to be made available from existing programmes. It announced that detailed evaluations of up to two or three months to identify longer-term construction needs would be needed. The Bank has assessment teams in affected areas in Indonesia, Sri Lanka, India and the Maldives, and is coordinating with the IMF, the UN and aid agencies. The IFC has committed $2.5 million to match the costs incurred in post-tsunami relief work by “selected partner companies” in the above countries.

Sri Lanka: Up to $10 million has been made available from on-going projects. A further $100 million is expected to be disbursed, of which $25 million will come from existing projects, and the remainder from an emergency credit of 40 per cent which will be a grant.

Indonesia: Bank staff have been assigned to the government’s Aceh recovery and response centre. $300 million has been made available for reconstruction and rehabilitation in North Sumatra and Aceh.

India: Following a request for assistance from the government for reconstruction and disaster-preparedness, the Bank will carry out a needs assessment in conjunction with the Asian Development Bank.

Maldives: Immediate IDA assistance includes a credit of $7 million and a $5 million grant. Most of this will come from the reallocation of existing portfolio. The IFC is likely to contribute staff to assist in assessing the damage and financing options for the tourism sector.