Sri Lanka and World Bank sign US$ 500 million financing for climate-resilient programme
An agreement has been signed between the government of Sri Lanka and World Bank to secure a US$ 500 million financing agreement to provide safe, efficient and climate resilient connectivity to strengthen 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 selected districts of Sri Lanka.
Sri Lanka’s Ministry of Finance Secretary S.R. Attygalle had signed the agreement on behalf of the Government while World Bank Vice President for South Asia Hartwig Schafer had signed on behalf of the World Bank.
“An uninterrupted and safe road network in Sri Lanka is crucial to connect rural communities to health and education services and economic opportunities,” Schafer has been quoted as saying. “Scaled-up road investments will contribute to the acceleration of human capital in Sri Lanka, leading to sustainable and inclusive economic growth.”According to reports, this project is part of the ‘100,000 km Rural Roads Development Program,’ which is a key initiative of the national development strategy of the Government.
“We are extremely happy with the design of this project and its impact on our local communities,” Sri Lanka’s Minister of Highways Johnston Fernando has said. “The holistic approach to ensure safety, climate resilience and sustainability for our road network is critical for building back better post-pandemic.”
Sri Lanka is focused on meeting sustainable development goals and is committed to develop the country based on a blue and green economy. The government of Sri Lanka has already expressed it’s commitment to be mindful of environmental balance and climate resilience amidst an aggressive development programme covering all key economic sectors. With Sri Lanka receiving funding for climate resilient programmes, foreign businesses/investors could explore the growing business potential in being part of Sri Lanka’s green projects.
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