Sri Lanka receives US$ 500 million World Bank funding for safe, climate-resilient transport connectivity
Sri Lanka has reportedly received financing for US$ 500 million from the World Bank’s Board of Executive Directors to provide safe, climate-resilient roads to connect agricultural supply chains through the Inclusive Connectivity and Development Project.
The proposed project is expected to benefit around 16 million people living in rural communities in several districts of Sri Lanka.
An uninterrupted road network is crucial to link rural communities to health and education services and other economic opportunities, and to connect small-holder farmers to domestic and international markets.
“Improving access to basic services and economic opportunities in rural areas, and reducing regional disparities in economic development, is critical for promoting inclusion and opportunities for all,” World Bank for Maldives, Nepal and Sri Lanka Country Director Faris Hadad-Zervos has been quoted as saying. “The project will also create many short-term employment opportunities, which will help advance the post-pandemic recovery.”
The proposed project is part of the development programme to improve 100,000 km of rural roads, which is a key initiative under the Government’s national development strategy.
“The project will help develop green and climate-resilient transport and agricultural logistics, and mainstream climate resilience practices in infrastructure planning and investments for a more resilient future for Sri Lanka,” World Bank Task Team Leader of the Project Winnie Wang has been quoted as saying.
The project is to build on the ongoing provincial and rural roads rehabilitation initiatives under the World Bank-financed Transport Connectivity and Asset Management Project and the Asian Development Bank (ADB)-funded Integrated Road Investment Programs – iRoad I and II.
OSL take:
Sri Lankan authorities are committed to meeting the global sustainable development goals and has taken many steps towards implementing the relevant programmes. Given the expansion of Sri Lanka’s economy even amidst pandemic challenges and the Sri Lankan government’s commitment to develop the island as a business hub in the South Asian region have built confidence amongs multilateral donor agencies to extend financial support to further develop the island. These have helped expand Sri Lanka’s ongoing development drive. Given the commitment of Sri Lankan authorities to engage in a sustainable development programme and the availability of funding for the purpose, foreign businesses/investors could explore the growing opportunities in Sri Lanka, especially in the development programme.
| Article Code : | VBS/AT/08102021/Z_6 |