World Bank approves US$ 70 million credit to improve several provinces in Sri Lanka
The World Bank Board of Directors has reportedly approved a US$ 70 million credit to improve the quality of life of around one million people living in Northern, North Central, Eastern and Uva Provinces in Sri Lanka.
According to reports, the new local development project will put local communities at the centre of planning and delivery of essential services such as roads, healthcare and sanitation through closer collaboration with local government authorities.
Sri Lanka has performed well in poverty reduction over the years with a national poverty rate of 4.1% in 2016, the World Bank has said, adding that pockets of poverty still prevailed.
A recent World Bank study of socioeconomic conditions in the North and East found many factors challenging development in these areas including weak community institutions, gender vulnerabilities, especially among female headed households, trauma symptoms and risk behaviour of youth and affected populations, reports state.
“Creating responsive systems and the space for citizens’ voice is at the heart of this project, which aims at matching people’s needs with local service delivery solutions,” World Bank Country Director for Sri Lanka, Maldives and Nepal Idah Z. Pswarayi-Riddihough has said. “We are happy to partner with the Government to deliver a project that will build systems to be responsive to the needs of the local population, and particularly the most vulnerable groups.”
It has been further reported that this project will also pilot the provision of infrastructure services that will promote local economic activities and livelihoods – including roads and drains, markets, water supply, minor irrigation, IT connectivity, and rural electrification.
OSL take:
The allocation of a US$ 70 million credit by the World Bank to uplift the quality of life of people living in several provinces in Sri Lanka is indicative of the potential to launch development projects covering key economic sectors in areas lagging behind in Sri Lanka. The availability of funds for such development projects would make it easier for foreign companies to explore project opportunities in provinces in Sri Lanka.
| Article Code : | VBS/AT/21302019/Z_1 |