World Bank’s IDA grants US$ 70 million to strengthen services of Sri Lanka’s local authorities
The International Development Association (IDA) of the World Bank has reportedly granted a US$ 70 million loan to Sri Lanka to strengthen services by 134 local authorities in the Northern, Eastern, North Central and Uva provinces.
“This development support project is designed to strengthen local authorities’ capabilities to deliver services to communities in a responsive and accountable manner,” the Finance Ministry’s Department of External Resources has said in a statement.
The money will also support economic infrastructure development in participating provinces by strengthening local government planning systems, improving local services and economic infrastructure and institutional development, the statement has noted.
The loan comes under the Local Development Support Project (LDSP).
The statement has further noted that the government had asked the World Bank Group to provide financial assistance to implement the project which is considered a priority.
Total estimated cost is about US$ 100 million of which IDA credit is US$ 70 million with the government giving US$ 7 million and the balance financed by European Union (EU) as a grant.
OSL take:
The loan approved by the World Bank’s IDA to strengthen the services of the local authorities indicates the opening of a host of business opportunities in Sri Lanka’s provinces. Foreign companies could look at providing technical expertise and engage in projects.
| Article Code : | VBS/AT/17052019/Z_3 |