Sri Lanka gets US$70mn World Bank loan to strengthen local govt services
ECONOMYNEXT – The International Development Association (IDA) of the World Bank has given Sri Lanka a loan of 70 million US dollars 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 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, it said.
The loan come under the Local Development Support Project (LDSP).
The statement said 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 100 million dollars of which IDA credit is 70 million with the government giving 7 million dollars and the balance financed by European Union (EU) as a grant.
(COLOMBO 14 May 2019)