Sri Lanka President Mahinda Rajapaksa today launched the World Bank funded project to improve the operational efficiency of some 80 ageing dams and to establish sustainable institutional arrangements for safety management and operations and maintenance of major dams in Sri Lanka in Polonnaruwa today. World Bank has approved a US$65.33 million credit to fund the project to improve 32 of the 80 dams that have been categorized as high risk. Speaking at the occasion, World Bank Country Director for Sri Lanka, Ms. Naoko Ishii said the World Bank has just formulated new Assistance Strategy for Sri Lanka in close consultation with the Government and the people. "This Assistance Strategy holds high in its agenda water resources management and development as they are central to sustainable growth and poverty reduction, especially in the regions lagging behind on development,' she said. Ms. Ishii said the challenge now is to implement the project and achieve its expected objectives within four years. "This implementation period is far shorter than the World Bank standard. However, we are persuaded by the government that the project can be implemented in such a short term with dedicated, committed well coordinated project team,' she noted. "I have observed and been impressed by the tireless efforts of the Government and the World Bank teams who have worked collaboratively to make this project a reality,' Ms. Ishii added. The total project cost is US$ 71.66 million, of which the International Development Association (IDA), the World Bank's concessionary lending arm, will give a credit of US$ 65.33 million and the Government of Sri Lanka contributes US$ 6.33 million.