Reuters
April 29 1999
World Bank Inaugurates Office in Laos
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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