Sri Lanka receives 35.75 million Euros in three grants from the EU - Opportunity Sri Lanka
Sri Lanka receives 35.75 million Euros in three grants from the EU

Sri Lanka receives 35.75 million Euros in three grants from the EU

The European Union (EU) has reportedly announced the signing of three grants worth EUR 35.75 million (Rs. 8.26 billion) with Sri Lanka, which will support Sri Lanka’s justice sector, help improve food safety, and strengthen efforts to mitigate climate change.
The grants were signed by Sri Lanka’s Secretary to the Treasury S.R. Attygalle on behalf of the government of Sri Lanka and were presented by the Ambassador of the Delegation of the European Union to Sri Lanka Denis Chaibi.
Appreciating the continued close collaboration and the very cordial partnership and support for Sri Lanka extended by the EU, the Treasury Secretary had said that these grants would reinforce the Government’s efforts to strengthen the justice sector, to reduce greenhouse gas emissions in Sri Lanka and to improve food safety and quality targeting exports.
“These three grants are a tangible pledge of support by the European Union to Sri Lanka targeting three priority areas,” Ambassador Chaibi has been quoted as saying. “The coronavirus pandemic has underscored the importance of strengthening a country’s justice system to ensure citizens are able to access justice in a timely, effective, and fair manner.”
Ambassador Chaibi has noted that EU support to improving food safety would benefit producers and consumers alike, while boosting the potential export of organic agricultural products to the EU and other markets. He has added that the EU and Sri Lanka would continue to work together to tackle the common challenges of climate change, a major EU priority.
The EUR 18 million (Rs. 4.16 billion) Justice Sector Support programme, designed in close consultation with the relevant actors and institutions, will focus on providing capacity development and technical assistance. The programme will be mainly implemented by UNDP and UNICEF.
EUR 10 million (Rs. 2.31 billion) will help improve food safety, quality, and promote organic agriculture. The components, to be implemented by FAO and UNIDO, will strengthen the competitiveness of the agriculture sector through the adoption of good agricultural and hygienic practices, an updated risk-based food control system, and increased consumer awareness.
Implementing partner GIZ (Germany) is to also support the local organic market, including small and medium-sized businesses to produce at higher volumes and better quality. The standards required to access major EU markets will be promoted through the National Organic Control Union and the Export Development Board.
The EUR 7.75 million (Rs. 1.79 billion) Reducing Greenhouse Gas Emissions in the Industrial Sector project, implemented by UNIDO, is in response to a request by the Ministries of Environment, Power, and Industry, to support a shift towards a competitive, resource efficient, low carbon, and climate resilient industrial sector in Sri Lanka.

OSL take:

The three grants received by Sri Lanka from the EU is indicative of the recognition of the growth/business potential in Sri Lanka by foreign lenders. Sri Lanka’s quick reactivation of economic activities following the Covid 19 lockdown has paid off with the economy showing positive growth signs. Also, the recommencement of Sri Lanka’s development agenda and economic activities have expanded business/investment opportunities in the country. With foreign lenders offering grants for Sri Lanka’s development work, foreign businesses could explore opportunities in the country’s development programme.

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Article Code : VBS/AT/20210115/Z_6

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