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Sri Lanka to receive Euro 40 million from the EU for STRIDE project

Sri Lanka to receive Euro 40 million from the EU for STRIDE project

Sri Lanka is to receive a Euro 40 million funding assistance from the European Union (EU) to co-finance the ‘Strengthening Transformation, Reconciliation and Inclusive Democratic Engagement (STRIDE) Project, a statement from the EU mission office in Colombo has stated.
The statement has noted that the EU in collaboration with the World Bank (WB) will introduce a small grants scheme to local authorities to strengthen their capacities in planning and service delivery with the support of the United Nations Development Programme (UNDP).
“It will be implemented in the Northern, Eastern, North Central, and Uva Provinces,” the statement has said.
Accordingly, an estimated one million Sri Lankans under 134 local government authorities are expected to benefit from the project over four years.
The statement has further noted that STRIDE will have special mediation boards to improve citizens’ experience of and access to justice services to strengthen the community.
R.H.S. Samaratunga, Secretary to Sri Lanka’s Treasury at the Ministry of Finance, has signed the financing agreement on behalf of the Government of Sri Lanka on Wednesday (9).
STRIDE will contribute to long-term peace, security and development in Sri Lanka, Ambassador of the Delegation of EU to Sri Lanka and the Maldives, Tung-Lai Margue has observed.
“Good governance and the participation of communities are important to ensure that a country’s growth reaches everyone,” he has said.
“Local government structures must be responsive to people’s needs. These are key elements in ensuring effective governance on the ground which help address causes of conflict.”
The activities of the project will be implemented by the World Bank, UNDP and the British Council collaborating with The Asia Foundation in partnership with Sri Lanka’s Ministry of Internal and Home Affairs, Provincial Council and Local Government as well as Sri Lanka’s Ministry of Justice and Prison Reforms.

OSL take:

Sri Lanka’s socio-economic policies have been commended by the international community resulting in many foreign lenders coming forward to provide funding for projects in Sri Lanka. Hence, foreign businesses/investors could explore business/investment opportunities in Sri Lanka’s development programme and also look at funding options among multilateral and bilateral lending agencies.

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Article Code : VBS/AT/15102019/Z_3

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