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World Bank reacts on Laos disaster: More financial funds will be granted

In 2018, Laos was hit by widespread floods. They were some of the heaviest and cost intense floods in a decade and had a huge impact on the economy of Laos. Also many people died, got injured or lost their homes. The effects of the disaster can still be felt today. On Dec. 13 the World Bank’s Board of Executive Directors granted financial help. The approved additional financial funds are 50 million U.S. dollars. Their primary purpose is to repair the damage caused by the flood, which is estimated to be 371.5 million U.S. Dollars.

What the financial funds will be used for

The money is distributed to two projects. One part goes to the Southeast Asia Disaster Risk Management Project. Another part to the Lao Road Sector Project II. The money for the Southeast Asia Disaster Risk Management Project in Laos is intended to reduce the effects of flooding on potential risk areas and help the government to respond appropriately to such disasters. Furthermore, it’s meant to enhance hydro-meteorological services. The money for the Lao Road Sector Project II has two purposes. On the one hand, damaged roads are to be repaired. On the other hand, the infrastructure should become more climate resilient.

Financial aid to Laos and its impact on tourism

The financial resources that are granted for disasters naturally only have an indirect impact on tourism. Still, they have an impact. By promoting infrastructure and disaster management, for example, the safety of tourists is also increasing. But of course that’s not all. A better infrastructure also improves the entire transport system. This will, among other things, make bus trips through the country more attractive. In general, sooner or later financial aid will contribute significantly to the economic development of Laos. Who knows, maybe the country will even become one of the next Asian Tigers.

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