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Friday January 21st, 2022
Economy

Sri Lanka inks US$500mn World Bank loan for roads

ECONOMYNEXT – Sri Lanka has inked a 500-million-dollar loan from the World Bank to improve 3,000 kilometers of rural and provincial roads, the Finance Ministry said.

Under the Inclusive Connectivity and Development Project (ICDP), that will be implemented by the Road Development Authority (RDA) under the supervision of Ministry of Highways, the 3000 kilometers will be improved as a complement for the Government’s 100, 000 km rural road development program.

“In addition, the project will focus on the development of the smallholder Agriculture Sector by further expanding market links and more business opportunities. It is planned to bridge the gaps in infrastructure and services in the smallholder agriculture sector such as collection centers, warehouses and cold storage facilities and adequate transport facilities,” the Finance Ministry said.

The project is expected to help deliver agricultural inputs and connect farmers to domestic and international markets while reducing post-harvest losses, the Ministry said.

The total estimated cost for the project is 570 million US dollars and a 500 million US dollar will be lent by the World Bank’s International Bank for Reconstruction and Development, and the Finance Ministry said.

Secretary to the Ministry of Finance, S R Attygalle signed the loan agreement on behalf of the Sri Lankan Government and the Vice President for South Asian Region of World Bank Hartwig Schafer on behalf of the World Bank. (Colombo/ Nov 04/2021)

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