The World Bank said it expected to provide US$660 million to Indonesia, Sri Lanka and the Maldives under the first phase of its support for the reconstruction of tsunami-hit areas, the official Daily News reported on Friday.
Financial and technical support to the three economies, which had sought help from the Washington-based institution, is expected to rise over time, the bank was quoted as saying.
"The bank is working with the governments of each country and our partners from the development community to quickly begin the process of reconstruction," World Bank President James Wolfensohn said in a statement.
"There are many challenges we must face together, including critical issues such as the involvement of people at the community level, resettlement and financial accountability for the enormous outpouring of aid," he said.
Sri Lanka's tsunami damage is estimated at US$1 billion but the island needs US$1.5 billion to recover, the bank said.