World Bank grants SL additional US$ 20 mn
World Bank’s lending arm, International Development Association (IDA) has granted an additional US$ 20 million to Sri Lanka for the implementation of the North East Local Services Improvement Project (NELSIP).
The primary development objective of the NELSIP is to improve the delivery of local infrastructure services by local authorities in the Northern and Eastern provinces of Sri Lanka in an accountable and responsive manner.
The project is being implemented with the total investment of US$ 106 million by the Government during a six-year period (2010-2016) to support the 101 local authorities in the Northern, Eastern Provinces and adjoining provinces to improve their services and local infrastructure facilities.
Initially the government provided around US$ 14 million for the project from the consolidated fund. IDA provided financing assistance of US$ 70 million out of which US$ 50 million was a loan and US$ 20 million was a grant.
In addition, US$ 2 million was committed through the community contribution. The IDA has agreed to provide the balance US$ 20 million (SDR 14.3 million equivalent).
The Government on Wednesday (09) entered in to an agreement with IDA to obtain the US$ 20 million loan assistance to support the NELSIP.