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dam-l LS: World Bank inaugurates office in Laos
<bold><bigger>World Bank inaugurates office in Laos</bigger></bold>
06:18 a.m. Apr 29, 1999 Eastern
BANGKOK, April 29 (Reuters) - The World Bank inaugurated an office in
impoverished Laos this week, saying it would help strengthen its efforts
to ease the country's economic troubles.
The bank has been supporting development in Laos since 1977 via
International Development Association (IDA) credits totalling $576
million and has had a liaison officer in Vientiane since 1995.
``We have been looking forward to expanding our facilities here to make
the bank's global knowledge base more accessible and to extend even
greater support to our clients and development partners,'' Julian
Schweitzer, the Bank's regional director for strategy and operations said
at the opening on Wednesday.
The office will accommodate staff of the World Bank, its Water Sanitation
Programme, the International Finance Corporation, and the IFC-managed
Mekong Project Development Facility.
The statement said the Bank's board had just approved an assistance plan
for Laos for 1999-2002 but gave no details.
It said the IDA would work closely with the government to restore
economic growth and sustainable development.
``The country is suffering from serious macro-economic imbalances --
triggered initially by the regional financial crisis -- and from severe
inflation,'' the statement said.
The IDA would work with the government to address underlying structural
issues and to improve living standards with education, health and rural
development high priorities.
The IDA, the bank's development arm for the world's poorest states, would
also continue to support social and rural development areas in
partnership with other donors.
The IFC, the World Bank's finance arm, would focus on projects utilising
Laos' competitive advantages, like natural resources and low labour costs
and offering opportunities for sponsors who could bring in needed
resources.
It said priorities included eco-tourism, agribusiness and wood-processing
as well as tourism, textiles and financial sector development.
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