World Bank signs US$ 139 million fresh deal to assist Sri Lanka’s development
The government of Sri Lanka and the World Bank have reportedly signed agreements in order to boost key socio-economic infrastructure and development programmes with fresh funding of US$ 139 million (nearly Rs. 28 billion).
One was a US$ 69.53 million credit agreement to improve dams and irrigation schemes covering 165,000 hectares of agricultural land in the country and improve the management of watersheds and water resources, benefitting 356,000 farming families.
The other was a loan agreement to the tune of US$ 69.33 million for the Kandy Multimodal Transport Terminal Development Project, which will develop the Good Shed terminal in Sri Lanka’s Central Province city of Kandy.
The agreements were signed by Sri Lanka’s Finance Ministry Secretary Sajith Attygalle and World Bank Country Director, Maldives, Nepal and Sri Lanka, Faris H. Hadad-Zervos.
OSL take:
The financial assistance granted to Sri Lanka by the World Bank is indicative of the level of confidence the mulilateral donor agency has on Sri Lanka’s development programme. Sri Lanka’s economy has shown great resilience through the years and is once again on the path to recovery after facing the impact of the global Covid 19 pandemic. The island is also on the path to becoming a business hub in the South Asian region given its geographical positioning in the Indian ocean and the many trade agreements as well as trade concessions enjoyed by the country. Foreign businesses/investors could therefore explore business/investment opportunities in Sri Lanka’s development programme.
| Article Code : | VBS/AT/20210427/Z_1 |