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Sri Lanka gets World Bank aid for three projects
10 November 2010: The Sri Lanka Government and the World Bank (WB) on 8 November 2010 jointly signed agreements on three projects totaling $125.4 million (approx Rs 551.76 crore).
The three projects undertaken by the WB to support are for Small and Medium Enterprise (SME) Development, North East Local Service Improvements, and Sustainable Tourism development.
The Small and Medium Enterprise Development Facility Project which supports the government's efforts to improve access to finance for SMEs affected by the Global Financial Crisis received $57.4 million (approx Rs 252.56 crore)in support that is to strengthen access to finance for Sri Lankan Small and Medium Enterprises.
The project to be implemented through the Ministry of Finance and Planning aims to establish a line of credit to facilitate financing institutions for productive investment to SMEs during the period of 2010 to 2013.
The $50 million (approx Rs 220 crore) North East Local Services Improvement Project is designed to augment resource transfers and building capacity of local authorities so that they are well equipped to deliver much needed local services to the citizens in an accountable manner.
The project will cover 65 Pradeshiya Sabhas in the districts of the Northern and Eastern Provinces and 9 Urban Councils in the North and 3 in the East, together with three Municipal Councils including Jaffna, Kalmunai and Batticaloa, the government said, The project to be implemented through the Ministry of Economic Development is expected to be completed in December 2013.
The Sustainable Tourism Development Project with the support of US$ 18 million aims to facilitate environmentally and socially sound investments in the tourism sector, focusing particularly on the eastern part of the country.
Source: Colombopage